What should I do in my first week as a homeowner?
Answered by Allen Markel, REALTOR®, Texas Premier Realty ·
Short answer
Secure homeowners insurance before closing (required by your lender). Change the locks or rekey them. Set up utilities in your name. Create a home inventory with photos for insurance purposes. Meet your neighbors. Locate the main water shut-off, electrical panel, and HVAC system. Read your closing documents and keep them organized. Schedule any urgent repairs or inspections you noted during the option period.
Insurance and legal protection
Your lender requires homeowners insurance before you close. Shop around to find a policy that meets your needs and budget. Homeowners insurance pays to repair or replace your house and personal property if they are damaged or destroyed by a covered event. Most policies pay based on current replacement costs, but some pay less based on the age and condition of your home (actual cash value). Replacement cost coverage costs more but pays more when you have a claim.
Once you own the home, create a home inventory with photos of your belongings and the condition of the house. This protects you in a claim. Keep your closing documents, deed, and insurance policy organized and accessible. You may need them for repairs, refinancing, or selling later.
Access, utilities, and systems
Change the locks or have them rekeyed so only you have keys. Contact the utility companies to transfer water, electric, gas and internet into your name. Ask the previous owner or your REALTOR where the main water shut-off is located, where the electrical panel is, and how to access your HVAC system. Knowing these locations helps you respond quickly if there is a leak, power issue, or heating or cooling problem.
Walk through the home and note any repairs or maintenance items you want to address soon. If you had an inspection during the option period and negotiated repairs, confirm that the seller completed them before closing. Take photos of the condition of the home on move-in day.
Getting settled
Update your address with the post office, your employer, banks, insurance companies, and any subscriptions. Meet your neighbors and ask about the neighborhood, local services, and any homeowners association rules or fees. If there is an HOA, request the governing documents and contact information for the board.
Schedule any urgent repairs or maintenance you identified during your inspection. If you need a contractor, ask for references and get multiple quotes. Verify that any contractor you hire is licensed. Keep receipts for all repairs and improvements; they may affect your home's value and your taxes later. Talk to us to find the right option for your circumstances as you settle in and plan your first projects.
Common follow-up questions
Is homeowners insurance required?
Yes, your lender requires it before closing. It protects your investment if the home is damaged or destroyed by a covered event. Shop around to find the coverage and price that fit your needs.
What is the difference between replacement cost and actual cash value coverage?
Replacement cost coverage pays to repair or rebuild your home based on current costs. Actual cash value coverage pays less because it accounts for depreciation based on the age and condition of the home. Replacement cost policies cost more but pay more in a claim.
Why do I need a home inventory?
A home inventory with photos helps you document your belongings and the condition of the house. It protects you if you need to file an insurance claim for damage or loss.
What should I do if I cannot find homeowners insurance?
You can apply for a certificate of insurability or contact the Texas FAIR Plan Association, which offers limited coverage to those unable to get insurance through regular companies. You must have been denied by at least two insurance companies first.
Should I change the locks when I move in?
Yes. Changing or rekeying the locks ensures that only you have access to the home. You do not know who may have copies of the previous owner's keys.
Sources
Talk it through with Allen
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Answers describe transactions and public data. They are not legal, tax or financial advice.