Buying a New Home? 4 Steps to Take Before Closing Day
by Christy Bieber | Updated July 19, 2021 - First published on May 18, 2021
You don't want to end up unprepared on moving day!
Buying a brand new home is really exciting. But while you may be focused on finalizing the details of your mortgage loan and mentally redecorating your new space, there are a few key tasks you can't forget if you want to be ready to move in.
Here are four items for your to-do list so you'll be ready on closing day and won't be left scrambling.
1. Buy insurance
You need homeowners insurance to protect your new property from the first moment you move in.
After all, the last thing you want is to buy a home that's destroyed or damaged on day one and not have protection in place. Your lender will probably also want proof of insurance coverage before you can close on the home.
It can take time to shop around for the right homeowners insurance at the best price. So compare your coverage options early on and make sure you have a policy ready to start on the day your new house officially becomes yours.
2. Turn on utilities
After a hard day of moving in, you'll probably want a warm shower and a little dinner before kicking back and watching a movie. In order to be able to do any of those things, you'll need to have your electric, water, sewer, cable, and internet turned on.
You don't want to find yourself scrambling at the last minute to get your utilities up and running. So call the companies you'll be working with and arrange to have your services start the date you close on the home.
You can even ask the existing homeowner for the names of the companies that provide electric, water, and sewer to help you get started and can shop around for cable and internet providers in the area.
3. Arrange for movers
Moving your possessions isn't always easy. You'll probably need professional help from movers to transport your belongings to your new home.
Professional movers can be very expensive, and good ones can book up well in advance. So start comparing prices from moving companies early and get your date reserved.
If you're planning to handle the move yourself to save money, you'll still need to take a few steps to be ready, such as booking a truck rental and finding boxes.
4. Figure out how you'll transfer money on your closing date
When you close on your home, you'll need to be prepared to cover your closing costs, including your down payment and other expenses. You won't be able to just write a standard check. You'll need to either come with a certified or cashier's check or will need to do a wire transfer through your bank -- assuming this service is available.
Talk with the company handling your closing to find out what the accepted method of providing funds is and make sure you're prepared so you aren't scrambling to figure out how to make your required payments.
By taking these steps in advance, you can make closing day a little less stressful. This will give you time to focus on the fun parts of moving into your home with the peace of mind of knowing you're as prepared as possible.
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