New Homeowner Checklist: 10 Things to Do After You Get the Keys
The short version
The first month in a new home goes fast. Secure the house, learn its systems, get your payments and paperwork in order, and make sure your family could keep the home if something happened to you. Then ignore the flood of official-looking mail that follows every home purchase.
The checklist
1. Change or rekey the locks
You don’t know how many keys are out there. Rekeying is usually cheaper than replacing locks, and it’s one of the simplest ways to secure a new home.
2. Find the water shutoff and the electrical panel
Locate the main water shutoff valve before you need it in a hurry, and label the breakers in your electrical panel while everything is working.
3. Test smoke and carbon monoxide detectors
Test every detector, replace batteries, and check the manufacture dates. Replace any that are past their recommended life.
4. Transfer utilities and update your address
Confirm electricity, gas, water, trash, and internet are in your name. File a change of address with the Postal Service, then update your bank, employer, insurance companies, and driver’s license.
5. Set up your mortgage payment
Know who your servicer is, your due date, and how to pay. Autopay helps you avoid late fees. If you have an escrow account, it pays your property taxes and insurance, so review the first escrow statement. Servicers sometimes change after closing, and you’ll get a notice if yours does.
6. Review your homeowners insurance
Check your coverage limits and deductible. Standard homeowners policies usually don’t cover flood or earthquake damage, so ask whether separate coverage makes sense where you live.
7. Check for a homestead or homeowners’ exemption
Many states and counties offer a property tax exemption for a primary residence, but you often have to apply. Check your county assessor’s website.
8. Start a maintenance fund
Repairs come with ownership. A common rule of thumb is to set aside 1% to 2% of your home’s value each year for maintenance.
9. Update beneficiaries and your will
A home is often a family’s biggest asset. Review the beneficiaries on your life insurance and retirement accounts, and update or create a will.
10. Protect the mortgage
Homeowners insurance covers the house, but it doesn’t make the payments if you’re not around. If your family depends on your income for the mortgage, look at mortgage protection: life insurance built around your loan that pays the people you choose. Start with what mortgage protection insurance is, or see what affects the price.
Watch out for official-looking mail
Home purchases are public record, so new owners get a wave of mail. Some of it is designed to look official:
- Deed-copy offers. Letters offering a “certified copy” of your deed for a large fee. The Minnesota Attorney General’s Office notes these can cost upwards of $90, while your county recorder can provide a copy for a few dollars.
- Mail that looks like it’s from your lender. Your lender doesn’t require mortgage protection insurance. A legitimate offer clearly says who it’s from.
When in doubt, call your servicer or county office using a number you look up yourself, not the one printed on the letter.
See what it would cost to protect your new home
Answer 9 quick questions and a licensed agent will compare mortgage protection options from multiple carriers with you. It takes about 60 seconds and there’s no obligation.