10 Things to Do After Buying a New Home

Congratulations, you're a homeowner! Let that sink in.

Your real estate agent and mortgage banker likely guided you through the homebuying process, but what happens once you've signed the paperwork and received your keys? If this is your first experience buying a home, you may be wondering what's next. Below, we'll share 10 tips for making your transition into homeownership a little (and by “a little,” we mean A LOT) smoother.

1. Understand Your Mortgage Statement

When you receive your first mortgage statement, you may find there's a lot of information to review. While all of it is important, pay close attention to the amount due, how to pay it, and the due date. Staying on top of these details will help you build a strong payment habit right from the start. You'll also find your loan servicer's contact information on your statement, so use that resource whenever questions come up about your home loan.

2. Get To Know Your Loan Servicer

It's possible lenders may sell your loan to a mortgage servicer, either shortly after closing or later down the road. This is a common practice, since many lenders lack the resources to retain servicing on all the loans they originate.

SO, what does this mean for you?

Not much, other than making sure your monthly payment goes to the new servicer. Your loan terms won't change, regardless of who's servicing it.

3. Disregard Refinance Offers

One thing you'll notice fairly quickly after buying a home is the uptick in unsolicited mail, since your information becomes public record. You'll likely see a wave of refinance offers come through, but it's best to set those aside for now. Refinancing typically isn't beneficial early on in your mortgage repayment because of the closing costs involved. Certain factors may make it worthwhile down the road, like the ability to reduce your interest rate, change the terms of your loan, or shorten the life of your loan. When that time comes, talk to your mortgage banker (or even us, Atlantic Bay, even if you worked with another lender). If your mortgage is with us, we're watching it for you and we'll reach out when opportunities arise.

4. Keep Track of Documentation

On closing day, you signed a stack of legal paperwork to officially complete the transaction and received copies of everything. Hold onto all of it. Come tax season, you'll be glad you did, since homeownership opens the door to some great tax savings. Because your year-end mortgage statement may not reflect everything you paid at closing, having those documents on hand ensures you can claim what's yours.

5. Take Inventory

Your home insurance took effect the day you signed the title to your new home, but there's still a little work to do after closing day. Create an inventory record of your valuables, either through a handwritten list or by snapping photos of your belongings. If anything is ever stolen, damaged, or lost, that record can make the insurance claims process a whole lot faster and less hair-pull-worthy.

Expert Tip

While you're at it, take a moment to revisit your replacement coverage amount and make sure you have enough protection in place.

6. Change Your Locks

The keys to your new home have passed through a lot of hands, so one of the first things you should do is have a locksmith rekey or replace all of your exterior door locks. It's a step that's easy to overlook, but one you really don't want to skip. Knowing you're the only one with access to your home makes a big difference in how settled and safe you feel right from day one.

7. Deep Clean Your Home Before You Unpack

Whether you're moving into a brand-new home or a well-loved one, chances are it could use a good deep clean. A lot of people walked through that door while it was on the market, from prospective buyers to inspectors to contractors. Plan a floor-to-ceiling cleaning session before you start moving your belongings in. Trust us, it's so much easier to tackle while the house is still empty!

8. Meet Your Neighbors

It's never too soon to introduce yourself to the people living around you. Some neighbors may come knock on your door first, but if not, take a few minutes to go say hello. Building a relationship with the folks next door is one of the simplest things you can do to feel more at home and look out for one another.

9. Learn Your Home's Systems and Shut-Offs

Your home inspector probably gave you a walkthrough of your home's major systems, but by the time move-in day rolls around, some of those details can get fuzzy. Take some time to familiarize yourself with how everything works, from your HVAC and water heater to your electrical panel and main water shut-off. Knowing your home inside and out helps everything run more efficiently and last longer.

10. Develop a Home Maintenance Plan

As a new homeowner, you'll learn pretty quickly that protecting your biggest investment takes a little ongoing effort.

From smaller tasks like cleaning wood floors and swapping out furnace filters to bigger seasonal projects like cleaning gutters and power washing the exterior, there's a lot to keep track of. Building an annual home maintenance checklist is one of the best things you can do to stay ahead of repairs and keep your home in great shape for years to come. A little planning now goes a long way.

We're (Always) Here When You Need Us

There's always more to learn when it comes to homeownership, and we're here for all of it. Whether you have questions about your current mortgage or are starting to think about your next home, your Atlantic Bay Mortgage Banker is just a call away.