Congratulations on becoming a homeowner! As we wrap up our three-part series on the first time home buying journey (find the previous posts here and here), let’s focus on what happens after you’ve got the keys to your new property. This guide will help new homeowners navigate the exciting yet sometimes overwhelming period following their purchase.
In the time running up to the completion of your home purchase, you will have no doubt been busy packing and preparing for your move. Although I haven’t covered off this aspect of the house buying process in any detail so far, I intend to share some posts at a later date with tips on how to move home well.
So, for now, let’s imagine you’re all packed and ready to go. Here’s a brief rundown as to what happens next:
- Your conveyancer will contact you to confirm the transaction is complete and the property is now yours. Exciting times! But what next?
- You will need to collect the keys to your new home. This will typically involve you visiting the estate agent’s office to sign for them, but some agents will complete this process at the property. In some cases, for example where the vendor has sold the property without the use of an estate agent, the keys will most commonly be left with either party’s conveyancer for you to collect from them.
- Once you have the keys, you can move in! If this isn’t your first home purchase, it’s likely you’ll have the removal van in close company, eager to offload your belongings at the new property.
Deep Clean
Unfortunately, not all vendors leave their property in a decent state so before moving in allow time to give your new home a thorough clean. This may be tricky to fit in around the vendor moving out and you moving in, but it can usually be made to work somehow. You might also consider hiring professional cleaners for this task, especially if the property has been vacant for a while and/or the carpets need a proper clean.
The house is unlikely to be empty again until the next time you move so it’s worth making the most of the opportunity to clean while there’s nothing in your way (it’s SO much quicker to clean), and a sparkling clean, fresh house is the perfect moving in present to yourself!
If the removal team is keen to get cracking with the unloading of your belongings while you are cleaning, make them a cup of tea while they’re waiting, which will usually sweeten the deal and buy you a bit of time. I’ve found they usually don’t mind too much as long as you keep them updated. Focus on getting one downstairs room cleaned first so movers can start putting your belongings in there while you/the cleaning team get to work on the rest of the house.
Change the Locks
You don’t know how many copies of the keys are floating around, so it’s best to start afresh for your own security and peace of mind. This can be done relatively cheaply via a locksmith, or depending on the type of door you have you may find that it’s actually pretty straightforward to replace the lock yourself. There are lots of You Tube tutorials out there to help you!
Set Up The Utilities
Ensure all utilities are transferred to your name or set up new accounts for them – this includes electricity, gas, water, internet, council tax and any other utilities that serve the property. Failing to deal with this promptly can lead to service interruptions, which is the last thing you’ll want when you’re trying to settle in to your new home. Utility companies usually let services run on from the previous account for a time, but the sooner you can get this sorted the better, especially if you want to set up a great deal with your new providers.
Check Safety Features
Inspect and test all safety features, including smoke alarms, carbon monoxide detectors and fire extinguishers (if any). It is recommended to replace batteries and update any outdated equipment. Remember, there’s no landlord or parents to look after this for you now – it’s all down to you as the proud new homeowner!
Financial Considerations
- Budget for Ongoing Costs: First time homeowners often underestimate the ongoing costs of homeownership. Create a budget that includes mortgage payments, insurance, utilities, maintenance and unexpected repairs.
- Build an Emergency Fund: As mentioned in the first post in this series, having an emergency fund is crucial in case something unexpected happens. You should aim to save 1-3% of your home’s value annually for unplanned maintenance and emergency repairs.
- Understand Your Mortgage: Make sure you fully understand your mortgage terms. You should know when payments are due, how to make overpayments if desired and what penalties might apply for early repayment.
- Review Your Insurance: Ensure you have adequate buildings and contents insurance. New homeowners might also want to take out life insurance to cover the mortgage in case of unexpected events.
Home Improvement and Maintenance
- Create a Maintenance Schedule
- Regular maintenance can prevent costly repairs further down the line. New homeowners should create a schedule for tasks such as annual boiler servicing, gutter cleaning and checking for damp.
- Plan for Improvements
- While you might be eager to make changes, new homeowners should live in the property for a while before making major renovations. This allows you to understand how you use the space and what improvements would be most beneficial.
- Learn DIY Skills
- Basic DIY skills can save new homeowners a lot of money. Consider taking courses or watching online tutorials to learn how todo simple repairs and improvements.
- Build a Network of Professionals
- Find reliable tradespeople for jobs you can’t handle yourself. New homeowners should ask for recommendations from neighbours and local Facebook groups or use tradespeople from trusted online directories.
Long-Term Considerations for New Homeowners
Stay Informed About Your Area
Keep an eye on local developments that could affect your property value. New homeowners should attend community meetings and stay informed about planning applications in their area.
Think About Energy Efficiency
Improving your home’s energy efficiency can save money in the long run. New homeowners should consider upgrades like better insulation, double-glazing and/or solar panels.
Keep Important Documents Safe
Maintain a file with all important documents related to your home purchase. New homeowners should include the deed, mortgage documents, surveys and insurance policies in this file.
Plan for the Future
Your needs may change over time. New homeowners should consider how the property might accommodate future life changes, such as starting a family or working from home. If the property wouldn’t work for such situations in its existing configuration, are there changes that can be made to facilitate this, such as building an extension or installing a conservatory or separate garden room/office? Thinking about these matters well ahead of time will leave you forewarned and forearmed.
Embracing Your New Home
Becoming a homeowner is a journey, not a destination. As a new homeowner, you’ll continually learn and adapt to your this new responsibility. Don’t be afraid to ask for advice from more experienced homeowners such as your neighbours or professionals when needed.
Reflect on your journey from my first post about budgeting and mortgage affordability, through the home buying process discussed in our second post, to now settling into your new home. Each step has prepared you for this exciting new chapter in your life.
New homeowners often feel a mix of excitement and apprehension. This is completely normal! Take the time to enjoy your achievement. Explore your new neighbourhood, meet your neighbours and start making your house feel like a home.
By following these tips and staying proactive, new homeowners can navigate the challenges and joys of homeownership with confidence. Welcome to the world of homeownership – may your new home bring you many years of happiness and security!