Purchasing a property is no small thing in the present day and age. With the problem of inflation getting worse by the year, homeownership is becoming a massive challenge (especially for the younger generations).
In any case, Statista states that residential real estate dominates the market, with its value growing at a CAGR of 4.51%.
It is expected to become a whopping $142.90 billion by 2028. If you’ve just completed the overwhelming (yet exciting) process of buying a house, you may be tempted to sit back and relax.
However, this is not the time to get too complacent. There are certain things you must do to ensure you become a successful homeowner (now and in the years to come).
In this article, we will discuss three important things to take care of immediately after purchasing a property.
Secure The Property
The safety of your property (and those inside) is of utmost importance.
If anything, you do not want your home’s previous owners to be able to enter/exit anytime they want.
The first action to take after buying a house is to secure it using new locks, garage codes, etc. This should ideally be done before you move in.
The cost involved in this process will depend largely on the level of security required, the lock’s complexity, and whether or not you choose to hire a locksmith.
Furthermore, if your property comes with an alarm system, check it for reconnection or choose a new provider.
Don’t forget to ask for the instruction manuals/codes for any existing electronic security systems.
Once done, change the passcodes to a new configuration. In case instruction manuals are unavailable, consider reprogramming the systems via online instructions.
Finally, check the property’s vicinity thoroughly for hidden spare keys (usually found in the door frame or under large rocks).
Get The Title Insured
Could there be anything worse than to discover that you’re dragged into legal disputes tied to the property before your ownership? What if problems arise at the time of transfer of ownership?
These are hassles no homeowner deserves to deal with. At the time of the property purchase, you also acquired the interest, right, and title of it.
This gave you the authority to occupy and use the space as per your desire. However, title hazards are not an uncommon problem.
This makes it crucial to get your title as the property’s owner insured.
In case you were unaware, there is a thing called title insurance that covers homeowners and lenders against title defects like outstanding liens or lawsuits.
Also, Marble states that the financial coverage will even protect you if someone claims ownership after closing the sales deed.
That way, you get the sole right to keep or dispose of the property the way you wish. Now, the most important question is – where to buy title insurance?
You will find the marketplace is crowded with title insurance providers.
Don’t make the common mistake of selecting one based on price alone. Consider their industry reputation, quality of service, local reviews (if possible), and responsiveness.
Check The Smoke And Carbon Monoxide Detectors
Just like the home locks, you must also check other safety components like smoke and carbon monoxide detectors.
This is another crucial thing to do before moving into a property because your loved ones’ safety is at stake.
See if all the detectors are in good working condition. If not, have them repaired, get fresh batteries, or replace them with new systems. When in doubt, trust your local fire department. Many would be glad to offer free inspection and testing when contacted through their non-emergency number.
While you’re at it, inquire whether the detectors are placed strategically. They should be placed in a hallway leading to other rooms.
This makes it easier to alert everyone in case of a fire. Have one in the kitchen and laundry room as well (as these spaces are highly vulnerable to fires).
If the property has multiple floors, ensure there’s one detector on each floor. After the setup is done and checked, set a reminder for every six months (the ideal time to check and replace old detectors).
As we close, let’s talk about a few other things that you can do before moving in. These may not be imperative right away, but will only help you save time and hassle.
For instance – if the property’s interiors seem a bit dull and uninspiring, invest in a fresh coat of paint.
You can always go all out with the makeover (to make the home your own), but most homeowners like to do that at leisure.
Finally, start developing a home maintenance schedule. This is more like a marathon than a sprint; you can thoughtfully add tasks to the schedule over time.
These may include cleaning the gutters, replacing the air filters, and so on. Ensure the maintenance checklist is realistic based on your household’s needs and budget.
Also, remember to save at least 1% of the property’s purchase price every year for any unforeseen repairs. What’s more, is that you’re all set to enjoy your new home!
