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Moving In: How to Tackle the Post-Closing Process

The homebuying process doesn’t end once you’ve signed on the dotted line. Closing on a new house kicks off the next step in becoming a homeowner—moving in. So how should you approach this transition? And what should you keep in mind once you’ve settled in?

Add these items to the to-do list, homeowner…

Managing the Move

When it comes to organizing your move, the first step is determining timing—will you be able to move in in tandem with your move-out date of your current residence? Or will you require temporary storage as you navigate in between spaces? Set yourself a timeline and a budget so you know what you need and when—and how much it will cost. Will you rent a truck to make the move in one trip, or will you use a smaller vehicle and spread the process out across multiple days? The interplay between timing and cost will play a big role in how this looks.

Settling In

One step that may be easy to overlook is taking the right steps to update your new address once you settle in. This often goes beyond simply submitting a change of address with the postal service—which is really a temporary fix. Make sure to update your address with your utility providers, subscription services and financial service providers—any entity that sends you physical mail. Also, make sure to update your address with your credit union—and subsequently update your billing address on expenses that are withdrawn from your accounts or credit cards automatically to avoid disruption of services.

Know the Rules

Once you’ve settled in, make sure that you’ve taken stock of potential protocols set by your neighborhood association, or, if you’re moving to a new city, take a look at the municipal ordinances on lawncare, sidewalk maintenance and other things that could impact your day-to-day life. Familiarizing yourself with these stipulations could save you some headache—and potential fines—down the road. Know your responsibilities as a homeowner so you can be a good neighbor to your fellow community members!

Track Your Equity

One often forgotten part of the homeownership journey is the power of equity. Keep track of how much you’ve paid into your mortgage and what sort of buying power that equity affords you. Budget-plan for future years, where a home improvement, appliance upgrade or debt consolidation opportunity might seem more possible thanks to the home equity you’ve built through your monthly payments. A home-equity loan or line of credit might be worth checking out a year or two down the road. Find out how Levo can help you secure home-equity lending here.

Monitor Your Taxes

One of the additional expenses you’ll want to keep an eye on as a first-time homebuyer is your assessed property tax. You’ll receive an annual notice from the city what this looks like, and, typically, your mortgage lender will automatically adjust your repayment amount to reflect any changes in your property taxes. To ensure that this is the case, make sure to watch the mail for your annual assessment, and contact your banking provider to confirm it received notification of the change.

Ready to see how Levo can assist in the homebuying journey? Find a lot more tips and tricks in our free toolkit—check out our Starter Kit to Buying a House.