10 Step Home Buying Process
Step 10: After the Closing
You've done it. You've looked at properties, made an offer, obtained financing and gone to closing. The home is yours. Is there any more to the home buying process?
Whether you're a first-time buyer or a repeat buyer, there are several more steps you'll want to take.
Those papers you received at settlement are extremely valuable, so hold on to them! In the short-term they can help establish tax deductions for the year in which the property was purchased. In the future, such papers will be important for tax purposes when the property is sold, and in some cases, for calculating estate taxes.
Moving In
It is generally understood that sellers will leave homes "broom clean" when moving out. This expression does not mean "vacuumed" or "spotless." Broom clean makes sense because it means the house is ready to be painted and cleaned.
Buyers should avoid actually moving into the home on the day of closing, but rather use this time to freshen up the house. Even a home that was just painted will show marks on the wall where the previous owner hung pictures. Not just the holes, but you will see actual outlines from the pictures.
Take some time to paint now before the furniture is int he way. Refinishing Hardwood floors is easier at this time than after you are in the home.
Major renovations such as the Main Bath or Kitchen should be planned for prior to moving in as these two renovations are the most difficult to deal with as they cause you the biggest inconvenience and take the longest to perform.
Your Home, Your Money
For most owners a home is the largest single asset they hold, so it makes sense to protect that asset.
Many owners make a photo or video record of the home and their possessions for insurance purposes and then keep the records in a safety deposit box. Your insurance provider can recommend what to photograph and how to secure it.
You want to maintain fire, theft and liability insurance. As the value of your property increases such coverage should also rise. Again, speak with your insurance professional for details.
Lastly, enjoy your home. The process was long, stressful, full of twists and turns. You probably learned more than you ever wanted to know about buying a home and most of this information will never be used again, but you did it, you own a home.
Working together with your Professional Buyers Agent, you are confident that you purchased the right home for you and now its time to enjoy it.
We often refer to all the homes a buyer looks at as Houses because as professionals we know that the difference between a house and a home is what the owners does with it. How you decorate it, how you use it, the memories that you create while living in it.
Undoubtedly, you will have both Happy and Sad memories, but each and ever one of these memories are what will ultimately make this HOME.
So Welcome Home and let the memories begin!
Step 1: Your Financial House
Step 2: The Buyers Agent
Step 3: The Pre-Approval
Step 4: Look at Homes
Step 5: Choose a Home
Step 6: Get Financing
Step 7: Making an Offer
Step 8: Get Insurance
Step 9: The Closing
Step 10: After the Closing
10 Safety Tips for todays Sellers
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