7 Things to Do Right After You Buy a Home

Congratulations—you got the keys! Now that you’re officially a homeowner, there are a few things you should take care of right away to make the transition into your new home as smooth as possible.

1. Set Up All Your Utilities

Make sure your electricity, gas, water, trash, internet, and any other utilities are transferred into your name. Find out approximately what each one will cost every month and add them to your new monthly household budget.

2. Calculate Your New Monthly Expenses

Your mortgage isn’t your only new expense. Add up your estimated mortgage payment, utilities, HOA dues if applicable, maintenance, and other regular household expenses.

Knowing your total monthly cost will help you create a realistic budget for your new home.

3. Make Sure You Have Sufficient Reserves

After buying a home, it’s a good idea to rebuild or maintain money in savings. Decide how much you want to keep available for your mortgage, household expenses, maintenance, and unexpected expenses.

The goal is to enjoy your new home while knowing you have money set aside when you need it.

4. Watch for Your First Mortgage Statement

Before your first mortgage payment is due, make sure you receive your mortgage statement and know exactly where and how to make your payment.

Your loan may also be transferred to a different mortgage servicer after closing, so pay attention to any mail you receive regarding your mortgage.

5. Learn Where Everything Is

Find your main water shutoff, electrical panel, gas shutoff, water heater, HVAC system, and other important parts of your home.

You don’t need to become an expert—you should simply know where everything is and how the basics of your home work.

6. Create a Home File

Start one place for everything related to your house.

Keep your closing documents, mortgage information, property tax records, homeowners insurance, warranties, receipts, repair records, appliance information, and documents for improvements together.

As the years go by, this can become the complete history of your home.

7. Create a Home Maintenance Calendar

Put recurring home maintenance into your calendar. Things like replacing air filters, servicing your HVAC, checking smoke detectors, cleaning gutters, and other routine maintenance are much easier when you have reminders.

Buying the home is just the beginning.

A little organization during your first few weeks can help you manage your money, understand your property, and enjoy being a homeowner.