3 Must-Do Things After Closing on Your New Home
Congrats! You’ve just closed on your new home, but the work doesn’t stop there. Whether you’re a first-time homebuyer or a seasoned pro, there are a few key steps you should take after closing to ensure your home is protected, maintained, and ready for you to enjoy. Let’s walk through the top three things you should do to settle into your new home with peace of mind.
1. File for Homestead Exemption
One of the first things you should do after closing on your new home is file for homestead exemption, if your state offers it. This can help lower your property taxes and save you a lot of money in the long run. The homestead exemption is available for your primary residence, so if you’re living in the property, you’re eligible! Just remember, you cannot claim an investment property or second home for this exemption. Check with your local tax office to file and start saving today!
2. Set Up a Maintenance Fund
Homeownership comes with its fair share of responsibilities, so it’s essential to plan ahead. A good rule of thumb is to set up a maintenance fund—this should be around 1-3% of what you paid for the home, annually. This will give you a cushion for routine maintenance, unexpected repairs, and home improvements. Whether it’s a leaky roof or HVAC system maintenance, having this fund ready will save you stress down the road.
3. Know Your Shut-Off Valves and Test Safety Devices
It’s critical to know where your shut-off valve and electric breaker are located. In an emergency, time is of the essence! Whether it’s a burst pipe or an electrical issue, being able to quickly shut off water or power can prevent costly damage. Additionally, test your safety devices—like fire alarms and carbon monoxide detectors—to ensure they are functioning properly. Replace any dead batteries and make sure these devices are working before you move in.
Let’s Connect!
Have you just closed on a home or are you planning to? Drop a comment below to share your experience or questions! As your trusted local realtor, I’m here to guide you through every step of the homeownership journey, from start to finish.
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