Now that I have moved into the house of my dreams, what do I need to do?

  1. If you have purchased an existing home, negotiate with the seller to purchase a home warranty policy. This policy covers appliances, home heating and cooling, and much more in case of failure. A home warranty can provide a little peace of mind, especially if you are not a particularly handy person.
  2. Determine when your property taxes are due and be sure to set aside those dollars so you're won't be late paying the taxes. If you don't feel you have the discipline to save for taxes on your own, you can have your mortgage lender take the appropriate amount out along with your monthly mortgage payment.
  3. If you are purchasing a townhouse or a condominium, you will likely have Homeowners Association dues. Make sure you know what the dues cover (e.g., water, landscaping, building insurance). Find out if there a reserve set aside by the Homeowners Association for future capital spending?
  4. Discuss umbrella insurance for liability protection with your insurance agent to see if it's right for you. Also consider purchasing any disaster insurance as may appropriate (e.g., earthquake or flood insurance).
  5. Are there any immediate repairs that need to be made, such as pest, dry rot, or mold work, and washer/dryer, heater, water heater repair or replacement? If so, start getting quotes for getting these repairs done sooner than later.
  6. Cosmetic fixes can be made at a later time—focus on the more immediate needs first.
  7. Save all your home purchase and repair documents for tax purposes.