With the long, up and down journey of buying a home, closing day is the best part for home buyers! Why? Because after paying the down payment and closing costs, you’ll finally have the keys to your new home.
After celebrating over a bottle of wine and some champagne, the question I’m asked by clients is “What comes next after this huge milestone?” Don’t worry, ask Daisy!
Things to do in your new home
Shifting from a homebuyer to a homeowner can be a little confusing. Here are some questions my clients have asked me during their first week in their new home:
I’m so excited to move into my new home! When can I move in?
You can move into your new home on closing day after you’ve signed the legal documents and picked up the keys from your lawyer.
2. What things should I do?
The first thing you should do with your new home is a walk through. By doing a complete walk through, you’ll get a good feel of your new home.
Make sure to double check that everything is in order – from utilities to home security. Part of securing your home is having a plan incase of emergencies. Here’s a quick tip: do a deep-clean right before moving your things in.
3. Which documents should I keep and update?
After signing, organizing and filing papers, it’s recommended to maintain complete files. Be sure that you have your purchase of sale agreement, closing, insurance and mortgage documents. It’s wise to maintain soft copies or digital back-ups as well.
4. When’s my first mortgage payment due?
Paying your mortgage on time is a big responsibility as a homeowner. Late mortgage payments may result in penalties and can definitely affect your credit report.
Your mortgage payment is usually due at the beginning of each month, depending on your agreed upon terms.
If you’d like to review your mortgage terms, don’t hesitate to contact me.
5. What are some of the other costs of owning a home?
Now that you have a home, there’ll be ongoing costs in addition to your mortgage, property tax and insurance. It’s highly recommended to have a monthly budget. You’ll also need to set aside funds for your home maintenance and repairs, gardening, condo fees (if applicable) and emergencies.
This may be challenging, but as a mortgage broker and financial security advisor, the most important thing I’d remind you to do is… plan your budget and expenses!