TO DO’S AFTER BUYING HOUSE
You've bought your new home and moved in. As you measure for curtains and plan future upgrades there are a few tasks that need to get on your “to do” list. Here are 4 things that should be done in the first year:
1. Get your files in order. Now is the best time to tackle this task before they get lost. You’ve received a lot of paperwork along the way that you’ll need to hold on to. Some will be needed at tax time and others when you sell or rent your home. Organize and file your paperwork early so that you’ll have easy access when the time comes.
2. Review Life Insurance Coverage. This is recommended anytime you have a major life event and buying a house qualifies. You’ll want to be sure that you have sufficient coverage to meet your new needs.
3. Read your loan documents. Take special note of payment due dates and late penalties. This is not a waste of time. You should familiarize yourself with the contents so that you know what your lender is holding you to. Included are required disclosures to ensure that you know your rights.
4. Update/Create your will. Just because you own your home does not mean that your heirs will inherit it. State laws very on how property is handled when there is no will. Be sure to meet with a qualified estate attorney to be sure your property is handled as you wish in the event of your untimely departure.
Do your best to get these done within 1 year of purchasing your new home. Once it’s done, it’s done.