What are the most important post-closing tasks for first-time home buyers?

2 Transfer the utilities

Another essential task is to transfer the utilities to your name and set up the billing and payment options. You don't want to risk losing power, water, gas, or internet service, or paying for the previous owner's usage. You should contact the utility providers before closing and schedule the transfer date, preferably on the same day as closing or the day after. You should also check the meter readings and compare them with the final bill to avoid any discrepancies.

3 Update your address

You should also update your address with various institutions and services that need to know your new location. This includes your bank, credit card company, employer, insurance company, health care provider, subscription services, and online accounts. You should also notify the post office and request a mail forwarding service to avoid missing any important letters or packages. Updating your address will ensure that you receive your bills, statements, documents, and deliveries on time and avoid any confusion or penalties.

4 Review your closing documents

You should also review your closing documents carefully and make sure that everything is accurate and complete. These documents include the settlement statement, the deed, the mortgage note, the title insurance policy, and the home warranty. You should check for any errors, discrepancies, or missing information, and contact your lender, title company, or attorney if you have any questions or concerns. You should also store these documents in a safe and accessible place, such as a fireproof box or a cloud storage service.

5 Budget for expenses

Buying a home is a big financial commitment, and you should budget for the expenses that come with homeownership. These include the mortgage payments, property taxes, homeowners insurance, homeowners association fees, utilities, maintenance, repairs, and improvements. You should also set aside some money for emergencies, such as a leaky roof, a broken furnace, or a medical issue. You should track your income and expenses, and adjust your budget as needed. You should also look for ways to save money, such as refinancing your mortgage, shopping around for insurance, or making energy-efficient upgrades.

6 Enjoy your home

Finally, you should enjoy your home and make it your own. You've worked hard to achieve this milestone, and you deserve to celebrate and relax. You should also get to know your neighbors, explore your neighborhood, and join your community. You should also take pride in your home and take good care of it. You should also plan for your future goals, such as paying off your mortgage, building equity, or selling your home. Your home is more than just a place to live, it's an asset and a lifestyle.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?