Congratulations! You’ve Closed On Your Home. Now What?

It has taken forever to get to this point. You have been so ready to move, you could taste it. Buying a home was a goal so far in the distance, but once on the path to attaining that goal, the execution seems almost instant. Last you knew, you were under contract, but an entire month has passed. All documents have been signed. You get your keys. You take your pictures for the ‘gram. Suddenly, you realize: You’ve closed on your home. Now What?

There are several important things you must do soon after closing, and depending on what type of seller you have just dealt with, you want to make sure you get a few of these things done right away.

Be Camera Ready

It is quite possible that you may feel slightly overwhelmed right now. There is just so much that you have to do, but you have to start somewhere. The very first thing on your to do list should be to head to the DMV! That’s right. You have to get your new driver’s license or state identification card with your new address. You will need proof of residency, so take your closing documents with you.

Connect your services

Yes. The electricity was on for you to look at the house several times; however, the now former owner, is not going to keep those lights on for you. Contact your local utility company over the phone, and ask them what their requirements are to have the utilities turned on in your name, or to transfer your existing account. This account setup or transfer may be able to be handled entirely over the phone or online.

Next up, contact your local sewerage and water company. Normally, if you are a resident of New Orleans, you would be required to go in-person with the declaration page of your homeowner’s insurance in tow. You would also be required to pay a $100 deposit. However, my suggestion would be to call ahead to confirm the requirements, especially with the existence of the pandemic.

After that, we must tackle one of the more annoying account setups. You know who it is. “We will be there on Tuesday between 8am and 8pm.” *insert eyeroll here* Internet is one of our core services these days. Call ahead to schedule the connection setup for your internet and/or cable services. If your home is new construction, be sure to let the company know that ahead of time. It is possible that the company may not be able to locate the address in their system, and may need to do some additional work for connectivity.

Get Your Homestead Exemption

Contact the Tax Assessor’s office to apply for your Homestead Exemption. A homestead exemption serves multiple purposes, but one of the most important features is the reduction of your property tax liability. The current requirements to apply in Orleans Parish are as follows: To claim a Homestead Exemption, all owners who occupy the property must appear in person at the Assessor’s Office and present the following:

• Proof of ownership (Act of Sale or Warranty Deed)
• A valid Louisiana Driver’s License or Louisiana State I.D. (address must correspond to property’s address on application)
• A current unpaid Entergy bill for the property, with service location and mailing address being the same, showing standard residential usage; OR
• A landline telephone bill or cable bill (Direct, Dish or Cox).

There are also other types of homestead exemptions, such as a disabled veterans or age freeze exemption that may have a different set of requirements. As an example, for those seeking age freeze exemptions in Orleans Parish, you must be 65 years old by December 31st the year prior to the exemption start. In addition to that, you must provide proof of income and you are still mandated to comply with all other requirements of a general homestead exemption.

A homestead exemption can be applied for at any time. In Orleans, you only need to apply once, and the exemption remains permanently, unless you move. Note: You can only have one homestead exemption, as you can only have one primary residence.

Termite Contract

If there is an existing termite contract that’s transferable, go ahead and put that down on your to do list. We want a lapse in nothing. Contact the termite company, provide them with your information, and that should be that (unless a payment is required. This information should have been disclosed prior to closing). Should you be responsible for obtaining your own termite contract, then you want to be sure to contact a few different places to compare quotes. If you have not figured this out by now, always get quotes from multiple sources and compare your options.

Change of Address with the USPS

Change your address with the post office. There will always be something or someone you forgot to give your new address to. You can now take care of this online for $1.05 charged to your debit or credit card.

A few tips that you didn’t know you needed

Still thinking you’ve closed on your home. Now what? Here are a few tips that can help ease the last of that anxiety.

• Make sure you set aside a rainy day fund for home needs only. You can no longer “call the office” to solve your problems.
• Pay a little extra on your mortgage each month, even if it’s $5. You want to pay off your mortgage sooner than later, and every little bit counts.
• You can always review or change insurance companies if you are able to find a better deal. The rates you initially locked in at won’t likely remain the same after the first year. If the prices get too high, find shop around.
• Greet your neighbors. Forming a real sense of community with your most immediate neighbors can foster lifelong friendships and unofficial “watch” systems of your property.

Enjoy Your New Home

Finally, the real moment of relaxation and joy. You own this home! There should be no rush to get things done a certain way. Take your time and get to know your space a little bit. Sometimes, what you had envisioned could change once you get settled in. And if you feel like you just can’t wait, maybe look into an interior designer or decorator. Some of them may not be as expensive as you think.

Remember when I said do not make any large purchases or take on any large debt? Well, now is the time you can splurge. Buy that new car or go on that furniture shopping spree. The world is yours! Congratulations! You’ve closed on your home. Now what?