| Turn the Key |
| Now the real work and the real joy of home ownership
begins. If you organized your move to coincide with closing
day, be sure you allow enough time (several hours) between the
closing and the movers' arrival. If you have several days between
closing and moving in, this is the time to paint, re-carpet,
and make any minor repairs not covered in your transaction.
Then start getting settling in your new home and planning for
the future. |
The most important thing you can do is to start
rebuilding your finances:
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|
 |
Create a new monthly
budget.
You will probably need to make some adjustments to accommodate
your new mortgage. Budgeting to Buy suggests 20 ways to save
money, and Reducing Your Debt offers tips on keeping debt down. |
|
Consider paying your mortgage
through electronic transfer.
This is one way to ensure that you pay your loan on time. |
|
Try not to accumulate new credit debt.
You've just taken on a mortgage. If you need to refinance, the
lender will scrutinize your credit record again. |
|
Set aside new emergency funds.
You may have depleted them to add to your down payment. |
|
Start a record file for home improvements and
make it part of a permanent home file.
Get to know your property and give your home another once-over.
Keep a list of what you do, when you do it, and costs (keep
receipts). Should you decide to sell, it can help you price
your home, and buyers may request documentation for the work
you've done. |
|
Be prepared for new junk mail.
Most will come from companies that want to sell you life insurance
to cover your mortgage, biweekly loan payment services and
homestead protection. The majority are unnecessary expenditures. |
| |
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Enjoy building equity and tax savings.
These are not the only reasons you bought a house, but they're
darn good ones. |
