Congrats! You’re a new homeowner! Now what? While this is an exciting time, it can also be a bit overwhelming, especially if this is your first home. No worries – with the help of this blog, you’ll quickly learn what you need to do ASAP, what can wait and what you can do to ensure you are all set when it comes to finances, your first mortgage payment, and preparing for the future!
Stepping into a new home comes with a mix of excitement and a long to-do list that can feel never-ending. Between setting up your space, managing new expenses, and making sure everything is running smoothly, it's easy to feel a little scattered at first. Knowing what needs to be handled right away versus what can wait, helps you stay organized, protect your finances, and feel more confident as a new homeowner.
When you purchase a home, some tasks can wait, but others need to be taken care of right away. Here are a few key items you should focus on as a new homeowner.
Update your address with USPS, DMV, IRS, employer, banks, and all service providers
Transfer services - gas, electric, internet, trash collection, water, etc.
Change locks and reset security codes
Check smoke detectors and change air filters
Locate the breaker box and emergency water shut-off valve
Along with setting up your new home, it’s also necessary to set up your finances for long-term success. Here are tips to help new homeowners get started.
As a new homeowner, your monthly expenses will change, so updating your budget to accommodate your new home needs is key to staying on track with your finances. To learn alternative ways for budgeting your paycheck that are effective and uncomplicated, check out 'The Power of Paycheck and Half Payment Budgeting'.
Your first mortgage payment is typically due 60 days after closing. Enrolling in autopay can ensure it's paid on time and your credit stays in tip-top shape! You can set up payroll deduction with your employer or via direct deposit if your employer doesn't participate in payroll deduction.
Beyond your monthly mortgage payment, you'll also need to budget for property taxes, homeowners' insurance, and HOA fees if applicable. These could be paid monthly with your mortgage or billed separately.
It's crucial that you plan and prepare for all the expenses that come with homeownership. Preparing for both expected and unexpected home expenses helps prevent costly surprises that can disrupt your budget. An emergency fund is a smart way to build a financial safety net for when these types of things occur. Peach State's Money Market Account, Savings Account or Club Account are great choices for an emergency fund as they provide easy accessibility.
As a homeowner, it's important to create or update legal documents to reflect your new status. It’s time to think about updating beneficiaries, wills, and estate plans that take care of your final affairs.
You may have been given a home warranty at closing which covers major systems like HVAC, electrical or appliances. These plans may offer customizable coverage and deductibles, which is a smart option especially for older homes.
Once you move into your new home, its important to plan and budget for a variety of expenses:
Homeownership is a major milestone, and having the right financial partner can make all the difference as you settle in. From managing your first mortgage payment to building savings for future repairs and upgrades, Peach State offers tools, guidance, and support to help you stay on track. With the right plan in place and a trusted team behind you, you can move forward with confidence. Contact us today for help making your new house feel like home.