Next Steps After Purchasing Your New Property

Getting the keys to your new home is an exciting moment – but the work isn’t over yet. There are still some important next steps to take after purchasing your property which include:

1. Set Up Your New Address Everywhere: A lot of people and organizations will need your new address to keep in contact and make sure you receive important mail. Include your bank, car insurance, HR department at your job, driver’s license, tax agencies, any utilities from your previous residence, online shopping sites, subscriptions and clubs, and your personal networks. Don’t forget to set up mail forwarding to make sure you don’t miss anything during the transition period.

2. Insurance: If you followed step one, you’ve already updated the address for your car insurance policy – and this may impact your premiums which can be based on postal code, distance to your work place, and where you park the car, among other factors. You will also need to set up homeowner’s insurance to make sure your big purchase is protected.

3. Schedule Movers: Don’t move on the same day as your possession date, it can be a recipe for disaster. You don’t want to schedule anything that you need to pay for, like a moving service, only to find out that you don’t actually have the keys until hours after your movers showed up. Give yourself a grace period before hauling heavy furniture.

4. Legal documents: Make sure your lawyer reviews all final documents. Get a safe place to store all these documents – including copies of your mortgage, titles, deeds, insurance and will – like a fireproof box.

5. Getting To Know Your New Home: Make sure you know where all the important things are before it’s need such as the main water shut-off valve, the circuit box, the gas shut-off valve, and the security system.

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