New homeowner checklist: 8 steps you don't want to forget
- 1. Protect yourself & your family from the unexpected ...
- 2. Make sure utilities are turned on & in your name ...
- 3. Have repairs & handiwork done before move-in ...
- 4. Fine-tune your personal or family budget ...
- 5. Have window treatments in place ...
- 6. Change your locks ...
- 7. Set up your Internet ...
- 8. Set up your security system ...
- Save Your Important Documents. By the time you've closed on your house, you'll have accumulated a lot of paperwork from the homebuying process. ...
- Set Up Your Utilities. ...
- Update Your Address. ...
- Inspect and Secure Your Home.
What would be the basis of a $20,000 receipt?
What is the basis of a house if you haven't saved receipts?
What do you pay when buying a house?
What is the importance of a home inspection?
Is it exciting to be a first time home owner?
Does the IRS care about a foreclosure?
Who is Amy Fontinelle?
See 4 more
About this website
What should a new homeowner do first?
Here are some of the first things to do when you buy a new home.Secure your home. ... Purchase or review your home warranty. ... Connect the utilities. ... Check smoke and carbon monoxide detectors. ... Use your inspection report as a to-do list for maintenance. ... Refresh the paint. ... Refresh the flooring.More items...•
What should I do as a homeowner?
Don't Overspend to Personalize.Don't Ignore Important Maintenance.Hire Qualified Contractors.Get Help With Your Tax Return.Keep Receipts for Improvements.Repairs vs. Improvements.Get Properly Insured.The Bottom Line.
What not to do after closing on a house?
7 things not to do after closing on a houseDon't do anything to compromise your credit score.Don't change jobs.Don't charge any big purchases.Don't forget to change the locks.Don't get carried away with renovations.Don't forget to tie up loose ends.Don't refinance (at least right away)
How do you prepare to be a homeowner?
8 Steps to prepare to buy a houseCheck your credit and improve your score.Lower your debt-to-income ratio.Save for a down payment.Determine your home buying budget.Research loan programs.Get pre-approved.Find a real estate agent.Be ready to make a deposit when your offer is accepted.
What services do homeowners need the most?
Here is a handy list of five essential service providers to help you keep your home in top condition.Plumber. ... HVAC Contractor. ... Electrician. ... Homeowners Insurance. ... Internet and Cable Companies.
What homeowners should do every year?
Here are a few annual maintenance tasks that can help your home age gracefully:Clean clothes dryer exhaust. ... Lubricate garage door springs. ... Drain hot water heater. ... Look for signs of termites. ... Clean septic tank. ... Check your fire extinguisher. ... Exercise fixture supply valves and inspect lines.More items...
What to do immediately after closing?
Take Care Of Your Housekeeping ItemsClean And Paint The House. ... Change All Of Your Locks. ... Service And Clean Your HVAC Units. ... Test The House's CO And Smoke Detectors. ... Check The Water Heater. ... Turn Your Home-Inspection Report Into A Maintenance To-Do List. ... Put Your Closing Packet In A Safe Place.More items...•
What is a closing checklist?
A list of things to be done and items to be delivered before a transaction can be closed. Responsibility for each item is typically allocated among the parties on the checklist. The status of each item is updated periodically and circulated to the parties in preparation for closing.
Should you tip your realtor?
It would be completely unethical for your realtor to accept a tip. A nice card would be appreciated, though. Your future business and referrals would also be appreciated.
What things should every homeowner have?
27 Genius Products Every Homeowner Should OwnSprinkler Hide-a-Key.Towel Warmer.Ring Cam.Bissel Pet Eraser Cordless Vacuum.OXO Good Grips Wiper Blade Squeegee.Magnetic Screen Door.Hue White Starter Kit.Folding Boot Scraper.More items...•
What should you not do when buying your first house?
6 first-time homebuyer mistakes to avoidMistake No. 1: Spending more than you can afford.Mistake No. 2: Not preparing for the mortgage process.Mistake No. 3: Confusing prequalification and preapproval.Mistake No. 4: Skipping the home inspection.Mistake No. 5: Not budgeting for closing costs.Mistake No.
What is the first step in becoming a homeowner?
10 essential steps to becoming a homeownerDetermine your homebuying budget. ... Decide on a down payment. ... Know your credit score. ... Research mortgages available to first-time buyers. ... Find an experienced loan officer. ... Get a pre-approval letter. ... Hire a real estate professional. ... Research homes and neighborhoods.More items...•
What things should every homeowner have?
27 Genius Products Every Homeowner Should OwnSprinkler Hide-a-Key.Towel Warmer.Ring Cam.Bissel Pet Eraser Cordless Vacuum.OXO Good Grips Wiper Blade Squeegee.Magnetic Screen Door.Hue White Starter Kit.Folding Boot Scraper.More items...•
What are the 3 most important things when buying a house?
Here's what to look for when buying a home.The Location. They say the three most important things to think about when buying a home are location, location, location. ... The Site. ... The Neighborhood. ... The Home's Curb Appeal. ... The Size and the Floor Plan. ... The Bedrooms and Bathrooms. ... The Kitchen. ... The Closets and Storage.More items...•
Is being a homeowner worth it?
The short answer is yes. If you're financially ready, buying a house is still worth it — even in the current market. Experts largely agree that buying and owning a home remains a smarter financial move than renting for many. If you're on the fence about a home purchase in 2022, here's what you should consider.
Is it worth being a home owner?
Whether or not homeownership is worth it really depends on your short- and long-term goals. If you're going to be in the same place for several years, you have kids or dogs, you would like more space to work on hobbies, or community is important to you — homeownership is probably worth it.
18 Things a New Homeowner Should Do Immediately to Save Money
So you’ve just moved into your nice new home. You’ve unloaded the boxes and started to unpack your life. Right now is the perfect time to walk through a checklist of ways to save money on your home for years to come.
What is the national hotline for digging?
Ah, spring! You’re so ready to dig into your new yard and plant bushes and build that fence. But don’t — not until you’ve dialed 811, the national dig-safely hotline . The hotline will contact all your local utilities who will then come to your property — often within a day — to mark the location of underground pipes, cables and wires.
How many children are injured in their own homes every year?
Every year, five million infants and children are injured, sometimes even fatally, in their own homes. Find out how to best childproof your house and make it safe for your children.
What is the first line of defense when it comes to common homeowner emergencies?
One of your first lines of defense when it comes to common homeowner emergencies — burst water pipes, for instance — are shut-off valves. Turning off the water (or gas or electricity) is like being able to slam on the brakes when you’re driving.
Do you need to replace the air handling filter on a furnace?
When you first move in, you almost always need to replace the air handling filter or the filter on your furnace or AC unit. This includes a newly built home because of your risks from indoor air pollutants. Inhaling toxins in your indoor air that outgas can be from household items like carpeting, VOCs from paints, aerosol sprays and household cleaners, pesticides, phthalates from vinyl flooring and personal care products, pollutants from pressure-treated wood products, radon gas and more (see tips below). These are among the primary sources of toxin exposure.
How to thwart a vandal?
You can thwart them by having your security system up and running before you move in. It can keep vandals out before you move in and thieves out afterward.
What happens when you move into a new home?
When you move into a new home, everything seems to cost twice what you expected it to. And you quickly find out that you have a dozen things to buy that you hadn’t anticipated, like light bulbs and power tools.
Why is it important to brainstorm and budget for a new home?
Brainstorming and budgeting for all of the things you’re going to need for your new home will help you from having financial strain at a time when you least need it .
When is the best time to have work done on your home?
The best time to have work done on your home, interior, or exterior, is before you move in. Life has been disrupted enough at this point, and you’re going to be ready to unpack and settle in.
When to coordinate utilities?
The best time to coordinate utilities being turned on is before you actually have the keys to the front door. If they are under the name of the existing homeowner or builder, coordinate with them to have the utilities transferred over to you.
Do garage door openers work with remotes?
You’ll also want to re-program your garage door openers, so they only work with the remotes in your possession.
Can you announce to neighbors that you've moved in?
You don’t want to announce to your neighbors that you’ve moved in by having them see bed sheets on your windows acting as curtains. If you’re not ready to have an interior designer come in and measure, order, and hang new curtains yet, you’ll need to go shopping and invest in some blinds or some inexpensive, temporary curtains to give you privacy.
What is the best temperature for a water heater?
A good hot water temperature is 120 degrees F (48.89 degree C) — any hotter runs the risk of scalds. So a new homeowner should definitely check out the water heater and adjust its temperature if necessary. While there, you might consider doing a bit of maintenance to extend your water heater’s lifespan.
How many first time home buyers are nervous?
A recent study revealed that 44 percent of first-time home buyers felt nervous during the entire process. Fortunately, there are many ways to make life as a new homeowner less stressful.
What is a home inspection report?
It also provides a wealth of information to a new homeowner about the state the home: hidden maintenance issues, the age of key appliances, the condition of your roof and much more. Read it over to get a solid idea of what kinds of repairs you need to tackle down the road.
Do you reset a tripped circuit breaker?
Everyone needs to reset a tripped electrical circuit breaker occasionally. That’s an easy job if you know where your circuit breaker box is located and which breaker controls which circuit. With any luck, you’ll find accurate labels — if not, a new homeowner needs to label which breakers control which individual circuits.
Can a burst pipe cause a panic?
For a new homeowner, a burst pipe or the smell of gas in the house can cause a panic. Not knowing how to shut off your water and gas only compounds your stress. (It could also majorly damage your home and your family’s health.) Invest the time to locate your gas shutoff valve and your water shutoff valve before an emergency strikes.
Is every editorial product independently selected?
Every editorial product is independently selected, though we may be compensated or receive an affiliate commission if you buy something through our links. Ratings and prices are accurate and items are in stock as of time of publication.
How long does it take to replace a mattress?
Get rid of items that you would likely replace in the near future. Mattresses should be replaced after eight years — or earlier if yours is moldy, sagging, or badly stained.
How long do boxsprings last?
Mattress and Boxsprings: Most mattresses have outlived their lifespan in 10 years. If yours is nearing a decade, it’s probably a good idea to replace it. Since you’ll need a boxspring that belongs with your new mattress, toss it, too. Bedding: If your sheets are old, faded, or stained, it’s time for a new set.
What are some easy items to replace?
For instance, dirty items like trashcans, toilet brushes and plungers, area rugs, brooms, mops, and shower curtains are easier and healthier to trash and replace.
Can you bring a fridge when traveling?
If you’re traveling a long distance, you’re not likely to attempt to bring the contents of your fridge. Even if you’re only moving across town, attempting to keep perishable food chilled isn’t worth the risk.
Should towels be replaced during a move?
Towels: Aging, rough, or threadbare towels should be replaced during the move. Besides, you really need a matching set for your new home. Dining Set: The family kitchen table sees a lot of wear. If yours is aging, worn, or damaged, it’s time for a replacement.
Can you use a mop and broom for moving?
Mop and Broom: Your old mop and broom are definitely not items you want taking up space and trailing germs and dirt along for the move. Add a new mop and broom (and maybe even a vacuum cleaner) to your cleaning supplies new home list and toss the old ones before packing the truck.
Is the window in my new home the same size as the window in my current home?
Window Treatments: The windows in your new home most likely aren’t the same size as those in your current home. Besides, your home is new, and your decor should be new and different as well. Whether you prefer blinds, curtains, or other decorative shades, you’ll want to get these installed quickly.
What would be the basis of a $20,000 receipt?
However, if you saved all $20,000 of your receipts, your basis would be $170,000, and you would only pay taxes on $30,000. That's a considerable saving. In this case, it would be $5,000 if your marginal tax rate is 25%.
What is the basis of a house if you haven't saved receipts?
If you haven't saved your receipts, your basis in the house, or the amount you originally paid for your investment, it is $150,000. You take your $250,000 exemption on the proceeds and are left with $50,000 of taxable income on the sale of your home.
What do you pay when buying a house?
The price of a new house isn't just the home itself. When you buy a home, you will have to pay closing costs, moving expenses, and fees.
What is the importance of a home inspection?
Following a plan for affording your first home can save you time, money, and effort down the road. A home inspection is a critical part of buying your first house. The price of a new house isn't just the home itself. When you buy a home, you will have to pay closing costs, moving expenses, and fees.
Is it exciting to be a first time home owner?
Few things are more exciting than leaping from being a renter to being a first-time homeowner. Getting swept up in all the excitement is a wonderful feeling, but some first-time homeowners lose their heads and make mistakes that can jeopardize everything they've worked so hard to earn.
Does the IRS care about a foreclosure?
For example, if you bought a foreclosure and had to fix a lot of broken stuff, the home is worth more after you fix those items, but the IRS doesn't care— you did get a discount on the purchase price because of those unmade repairs, after all. It's only improvements, like replacing the roof or adding central air conditioning, which will help decrease your future tax bill when you sell your home.
Who is Amy Fontinelle?
Amy Fontinelle has more than 15 years of experience covering personal finance—insurance, home ownership, retirement planning, financial aid, budgeting, and credit cards—as well corporate finance and accounting, economics, and investing. In addition to Investopedia, she has written for Forbes Advisor, The Motley Fool, Credible, ...
Overview
- Few things are more exciting than leaping from being a renter to being a first-time homeowner. …
Following a plan for affording your first home can save you time, money, and effort down the road. - A home inspection is a critical part of buying your first house.
The price of a new house isn't just the home itself. When you buy a home, you will have to pay closing costs, moving expenses, and fees.
Don't Overspend to Personalize
- You've just handed over a large portion of your life savings for a down payment, closing costs, a…
Everyone wants to personalize a new home and upgrade what may have been temporary apartment furniture for something nicer, but don't go on a massive spending spree to improve everything all at once. Just as crucial as getting your first home is staying in it, and as nice as so…
Don't Ignore Important Maintenance
- One of the new expenses that accompany homeownership is making repairs. There's no landlor…
While you should exercise restraint in purchasing the nonessentials, you shouldn't neglect any problem that puts you in danger or could worsen over time. Delay can turn a relatively small problem into a much larger and costlier one. One way to protect yourself against potential maint…
Hire Qualified Contractors
- Don't try to save money by making improvements and repairs you aren't qualified to make. This …
There's nothing wrong with painting the walls yourself, but if there's no wiring for an electric opener in your garage, don't cut a hole in the wall and start playing with copper wiring. Hiring professionals to do work you don't know how to do is the best way to keep your home in top con…
Get Help With Your Tax Return
- Even if you hate the thought of spending money on an accountant when you usually do your tax …
Just getting your taxes done by a professional for one year can give you a template to use in future years if you want to continue doing your taxes yourself.
Keep Receipts for Improvements
- When you sell your home, you can use these costs to increase your home's basis, which can hel…
This deduction assumes that you owned the home alone—if you owned it jointly with a spouse, you could each have gotten the $250,000 exemption. 1 - Let's say you purchased your home for $150,000 and were able to sell it for $450,000. You've als…
However, if you saved all $20,000 of your receipts, your basis would be $170,000, and you would only pay taxes on $30,000. That's a considerable saving. In this case, it would be $5,000 if your marginal tax rate is 25%.
Repairs v Improvements
- Unfortunately, not all home expenses are treated equally to determine your home's basis. The IR…
This may not always seem true. For example, if you bought a foreclosure and had to fix a lot of broken stuff, the home is worth more after you fix those items, but the IRS doesn't care—you did get a discount on the purchase price because of those unmade repairs, after all. It's only improv…
Get Properly Insured
- Your mortgage lender requires you not only to purchase homeowners insurance but also to purc…
If you share your home with anyone who relies on your income to pay the mortgage, you'll need life insurance with that person named as a beneficiary so that they won't lose the house if you die unexpectedly. - Similarly, you'll want to have disability-income insurance to replace your income if you become s…
Also, once you own a home, you have more to lose in the event of a lawsuit, so you'll want to make sure you have excellent car insurance coverage. If you are self-employed as a sole proprietor, you may want to consider forming a corporation, which will give you significant legal protection of y…
The Bottom Line
- With the great freedom of owning your own home comes significant responsibilities. It would help if you managed your finances well enough to keep the house and maintain the home's condition well enough to protect your investment and keep your family safe. Don't let the excitement of being a new homeowner lead you to bad decisions or oversights that jeopardize your financial o…