What to Do After You Close on a House

Closing on a new home requires careful attention to administrative, financial, and practical details. Understanding the immediate tasks and ongoing commitments will help ensure a smooth transition into homeownership.

Immediate Administrative and Utility Setup

Compile a list of local utility providers, including electricity, gas, water, internet, and trash services. Include any relevant account numbers or previous owner details if available for transfer to streamline service activation.

Contact utility companies promptly to ensure uninterrupted service. Reach out to electricity, gas, and water providers to transfer existing accounts or establish new ones, ideally two to three weeks before your move-in date. For services requiring in-home appointments, such as internet or cable, initiate contact a month in advance to prevent delays. Be prepared to provide your new address, desired activation dates, and possibly proof of identity or a security deposit.

Change your mailing address with the U.S. Postal Service (USPS) online or in person. A small fee is charged for online submissions. The USPS recommends submitting your request at least two weeks before your move, and mail forwarding usually begins within three business days. This service forwards most mail for one year, and magazines for 60 days.

Update your address with financial institutions and service providers. Inform your banks, credit card companies, insurance providers, employers, and any subscription services to prevent missed communications or late payments. Update your driver’s license or state ID, as most states require this change within a specific timeframe. While some states allow online updates, others may require an in-person visit to a Department of Motor Vehicles (DMV) office, sometimes necessitating proof of residency.

Financial Management and Official Records

Understand the documents received at closing. Key documents include the deed, which officially transfers property ownership, and the mortgage note, detailing your loan terms, interest rate, and repayment schedule. The Closing Disclosure (CD) provides a comprehensive breakdown of all financial aspects, including loan terms, projected monthly payments, and closing costs, and must be provided by your lender at least three business days before closing for your review. Retain these documents; public records like the deed can often be accessed through the county recorder’s office.

Property taxes are an ongoing financial obligation for homeowners, assessed annually by local governments based on the property’s assessed value. These taxes fund local services such as schools, law enforcement, and infrastructure. The assessed value may differ from the market value and is determined by factors like property size, location, age, and condition. Most homeowners pay property taxes through an escrow account managed by their mortgage lender, where a portion of the monthly mortgage payment is allocated to cover these taxes.

New homeowners may be eligible for a homestead exemption, which can reduce the taxable value of their primary residence and lower their property tax burden. Eligibility requirements include occupying the home as your primary residence, and the application process involves submitting proof of residency and the deed to the local county assessor’s office. Deadlines for application vary, so check with the local tax authority. Some exemptions can significantly reduce the assessed value, leading to notable savings on school taxes.

Create a new household budget to accommodate the ongoing costs of homeownership. Beyond the mortgage payment, this budget should include property taxes, homeowner’s insurance premiums, potential homeowner association (HOA) fees, and utilities. Allocate funds for unexpected maintenance and repairs, with a common guideline suggesting budgeting 1% to 2% of the home’s cost annually. Total housing costs, including principal, interest, taxes, and insurance, should not exceed 28% of your gross monthly income.

Set up your mortgage account after closing. Your lender will provide information on how to access your online mortgage account. This allows you to review your first statement, confirm payment schedules, and understand the details of your escrow account, if applicable, ensuring all payments are correctly applied.

Home Maintenance and Security

Familiarize yourself with your home’s essential systems. Locate the main water shut-off valve to quickly stop water flow in case of a leak or burst pipe, and identify your electrical breaker box to manage power to different areas of the house. Understanding the operation of your HVAC system, water heater, and major appliances helps with routine maintenance and troubleshooting.

Enhance your home’s security. Change all exterior locks, as previous owners or contractors may still have keys. Consider upgrading to deadbolts for added security. Assess and update any existing alarm systems, or install a new one, for additional protection. Installing outdoor lighting, particularly motion-activated lights near entry points, can deter potential intruders and improve visibility.

Schedule initial maintenance checks for key systems. Have professionals inspect your HVAC system, plumbing, and roofing to identify any potential issues early. Regularly change air filters in your HVAC system, clean gutters to prevent water damage, and test smoke and carbon monoxide detectors. These tasks contribute to a home’s safety and longevity.

Compile a list of emergency contacts. This list should include local emergency services (e.g., police, fire department), trusted plumbers, electricians, and other contractors for future repair needs. Having these numbers readily accessible helps during unexpected situations.

Organize home records to manage important documents and information efficiently. Create a dedicated physical binder or digital folder to store essential documents, such as appliance manuals, warranty information, and contact details for service providers. This ensures easy retrieval when needed and simplifies future reference for maintenance, repairs, or financial planning.