You have the keys. After months of planning, it is tempting to unpack and relax, and you should. But the first week and the first year in a home are when small habits set up years of easier ownership. This guide is a calm checklist, not a to-do avalanche. Do a few things right away, a few in the first month and the rest as the seasons turn.
Day one
- Change or rekey the locks. You do not know how many copies of the old keys exist.
- Find the main water shut-off and make sure it turns. A burst pipe is far less stressful when you know where to go.
- Find the electrical panel and check that breakers are labeled.
- Test smoke and carbon monoxide alarms, and replace batteries.
- Locate the furnace or air handler filter and note its size.
If you attended the inspection, many of these were pointed out to you. Your inspection report is a useful owner’s manual for the first year, so keep it handy. See The Home Inspection: A First-Time Buyer’s Guide.
The first week
Set up or transfer utilities, internet and trash service if you have not already. Update your address with your employer, bank, insurance, the post office and anyone who sends you important mail. Store your closing documents in one safe place, with a digital copy.
Tip: Make a short list of every account tied to the house: utilities, insurance, HOA, loan servicer. One page with account numbers and phone numbers will save you hours later.
Your first mortgage payment
Your first payment date is set at closing, and it is often not the very next month because interest is paid in arrears. Watch for letters from your loan servicer, which may be a different company from the lender you worked with, and loans are sometimes transferred to a new servicer. Confirm any change of servicer through the contact information on your statement before you send money anywhere new. Set up automatic payments once you are sure of the details.
Escrow and the annual review
If your payment includes an escrow account, the servicer pays your property taxes and homeowners insurance from it. Once a year you will get an escrow statement. If taxes or insurance went up, your monthly payment can rise even though your interest rate did not. Read that statement each year instead of being surprised by a new payment.
Your homeowner’s insurance renews each year too. When the renewal notice arrives, read what changed, and remember that a standard policy does not cover floods. If you skipped flood coverage when you bought, the first spring in the house is a good time to look again; our guide to Homeowner’s Insurance and Flood Risk: What to Check Before You Make an Offer explains how the waiting period works.
If you pay mortgage insurance
On a conventional loan with private mortgage insurance, you have the right to ask your servicer in writing to cancel PMI on the date your balance is scheduled to reach 80 percent of the home’s original value, if you have a good payment history, no second mortgage and the value has not dropped. You can also get there sooner with extra principal payments. In general, PMI ends automatically when the balance is scheduled to hit 78 percent and you are current. FHA and VA loans follow different rules, so ask your servicer.
A simple maintenance routine
| When | What to do |
|---|---|
| Monthly | Check the furnace or air filter; look under sinks for drips |
| Spring | Clean gutters, check the roof from the ground, test outdoor faucets |
| Summer | Look at caulk around windows and tubs; trim plants away from siding |
| Fall | Clean gutters again, service heating, disconnect hoses in cold climates |
| Winter | Watch for ice dams and drafts; know how to keep pipes from freezing |
Build a repair fund
As a renter, a broken water heater was your landlord’s problem. Now it is yours. Put a set amount aside each month for maintenance and repairs, separate from your emergency fund. Use your inspection report to guess which big items, such as the roof, water heater or furnace, are closest to replacement, and plan for them before they fail.
Projects: go slowly
New owners often want to remodel right away. Living in a home through all four seasons tells you how light moves through the rooms, where it gets cold and what really bothers you. Start with repairs and safety, then small improvements, and leave the big projects for when you know the house and have rebuilt your savings.
Enjoy it
Owning a first home is a big step and a lot of work, but most of the work is predictable. Learn the house, pay the bills on time, save a little every month and handle small problems before they become large ones. If you are still at the start of the path, go back to Buying Your First Home, Step by Step.