Signing and closing on your dream home is a big step and one worth celebrating! However, it’s also an important time to get some crucial tasks done. This guide will help you understand what to do after signing so that you can officially own and live in your dream home.
Make a Home Maintenance Plan
Now that you own a home, you need to maintain it. This will help it to retain its value and, hopefully, increase in value over the course of your ownership. Without regular maintenance, the home and everything in it will begin to deteriorate. This will ultimately cost you more in the long run. Create a monthly, seasonal, and yearly maintenance checklist for your home. This breaks up the tasks and helps you stay on top of the different maintenance requirements.
Purchase Home Insurance
You now own a large asset, and you need to protect your investment. This means purchasing homeowners’ insurance. Plans range in price and coverage, so it’s helpful to work with an agent who can advise you on available coverages. That way, you can create a coverage plan that fits your budget and needs. Additionally, your mortgage company may have certain requirements that you must meet when it comes to coverages. For example, properties that are deemed high flood risk may have a requirement of purchasing a flood insurance rider for your home insurance policy.
Keep All of Your Documents
Gather all of the documents related to the sale of your property can keep them in a safe place. It is also smart to create a digital copy of them and save the file in multiple locations. That way, you reduce the risk of you losing these documents. You might need them in the future if you need to file an insurance claim or you decide to sell the home. You can also use these documents to prove ownership. If you do lose these documents, it can be an arduous process to get certified copies of the originals from the lender or closing company.
Documents that you should save include:
- Bill of sale
- Deed
- Deed of trust or mortgage
- Certificate of occupancy (typically included with newly-built homes)
- Proof of insurance
- Inspection report
Update Your Will
You now own a large asset, and that means you need to update your will. While it can seem morbid to think about, you need to think about what you want to be done with the property should you pass away. Outline in your will what you would like done with the property and who you would like to take over ownership.
Turn on the Utilities
One of the last things you’ll need to do is have the utilities put into your name and turned on. The listing agent should be able to tell you who the current providers are. This gives you a starting point where you transfer an existing account or set up a service with a new provider. These are some common utilities that homeowners need.
- Electricity
- Water
- Gas
- Trash
- Cable
- Internet
- Phone
If you don’t plan on doing the landscaping yourself, you may also want to start contacting lawn services. However, you may get a better quote by approaching a lawn service that you see already in the community once you move in.
Know What to do After Signing
Now that you know what to do after signing, you are ready to move forward with the purchase of your dream home. Signing all of the required documents at closing is just the ending of one phase and the start of a new one. Now that you own the property, you need to take the necessary steps to protect your investment.
Schedule a consultation with one of our skilled real estate attorneys today to discuss your next home purchase.
