10 Things to Do After Buying a Home
Congratulations — you closed on your new home! After months of searching, applying, reviewing documents, and waiting, you finally have the keys in hand. It’s an incredible feeling. But now what?
The days and weeks after closing are some of the most important in your homeownership journey. A few smart moves right now can save you money, protect your investment, and set you up for long-term success. At Mortgage Austin, we love helping buyers not just get to the closing table but thrive on the other side of it. Here’s your post-closing checklist.
1. Change All the Locks
This is the very first thing you should do — ideally before you bring your belongings in. You have no way of knowing how many copies of the previous keys exist. Former owners, contractors, neighbors, house cleaners, and the previous owner’s kids might all have copies. A basic rekeying service from a locksmith typically costs $50–$150 and takes less than an hour. It’s cheap peace of mind.
While you’re at it, check that all doors and windows lock securely, and consider adding a smart lock to your primary entry if you want a keyless option.
2. Document Your Home’s Condition
Right after moving in — before you unpack everything — walk through the entire home with your phone and take photos and video of every room, every appliance, the roof, the yard, the HVAC system, and the water heater. These documents serve two purposes:
- They create a baseline for future insurance claims
- They document the condition at the time of purchase, which can be useful if a dispute arises with the seller over something discovered later
Store these in a cloud backup so they’re accessible even if your phone breaks or is lost.
3. Locate Your Main Shutoffs
Before a plumbing emergency turns into a flood, know where your main water shutoff is — and how to use it. Same goes for your main electrical panel (and which breakers correspond to which circuits) and your gas shutoff if your home uses natural gas.
In Texas, water emergencies can happen during winter freezes. Knowing your shutoff location can save you thousands in damage during a hard freeze event.
4. Set Up Your Homestead Exemption
If you’re in Texas and this is your primary residence, file for your homestead exemption as soon as possible. As of 2024, the Texas homestead exemption removes $100,000 from your home’s appraised value for school tax purposes — that’s a meaningful reduction in your annual property tax bill.
You can file with your county appraisal district (for Austin buyers, that’s the Travis Central Appraisal District). The deadline is typically April 30th for the current tax year, though Texas now allows filing year-round. This is free to do and could save you $1,500–$3,000 per year.
5. Review Your Homeowners Insurance Policy
You purchased homeowners insurance as part of the closing process, but now is a good time to actually read through your policy. Understand:
- What your dwelling coverage limit is (it should be enough to rebuild, not just replace market value)
- What your deductible is for wind/hail events (in Texas, this is often a percentage-based deductible)
- What’s covered and what’s not (flood insurance is a separate policy — most standard homeowners policies don’t cover flooding)
- Whether you have adequate personal property coverage for your valuables
If anything seems inadequate now that you’re actually living in the home, it’s easy to adjust your policy.
6. Meet Your Neighbors
This one sounds simple, but it has real practical value. Introducing yourself to neighbors on either side and across the street builds the kind of community where people look out for each other. You’ll know who to call if something looks wrong at your house while you’re traveling, who has experience with local contractors, and who can advise you on neighborhood nuances that didn’t come up in the listing.
In many Austin neighborhoods, there are also active neighborhood Facebook groups or Nextdoor communities worth joining for local updates and recommendations.
7. Create a Home Maintenance Calendar
Homes require regular maintenance to stay in good shape — and in Texas, the heat and humidity accelerate wear on HVAC systems, roofing, and exterior paint in particular. A basic maintenance calendar might include:
- Monthly: Replace HVAC filter (critical in Texas summers), test smoke detectors
- Quarterly: Inspect exterior for cracks or pest entry points, clear gutters
- Annually: Service HVAC, inspect roof, test water heater pressure relief valve, check weatherstripping
- Before winter: Insulate outdoor pipes, check weatherstripping, test heat
- Before summer: Service AC, check attic ventilation, clean dryer vent
A $200 annual HVAC service call prevents a $5,000 system replacement. Maintenance is almost always cheaper than repair.
8. Start a Home Improvement and Repair Fund
A general guideline is to budget 1–2% of your home’s value annually for maintenance and repairs. On a $400,000 home, that’s $4,000–$8,000 per year. Unexpected things happen — water heaters fail, AC units stop working in July, trees fall on fences. Having a dedicated fund means you can handle these things without going into debt or dipping into your emergency savings.
Consider opening a separate high-yield savings account labeled specifically for home repairs. Automate a monthly transfer into it and let it build over time.
9. Update Your Address Everywhere
It sounds tedious, but an incomplete address update can create real problems — missed bills, lost tax documents, or worse. Make a systematic list and work through it:
- USPS mail forwarding (temporary, while you update everything else)
- Employer and payroll
- Banks, credit unions, and investment accounts
- Credit cards and loan servicers (including your new mortgage servicer)
- IRS and Texas state tax records
- Voter registration
- Driver’s license (Texas requires updating within 30 days of moving)
- Health insurance, life insurance, auto insurance
- Subscriptions and online shopping accounts
10. Build a Relationship with Your Mortgage Servicer
After closing, your loan may be transferred from the originating lender to a loan servicer — the company that collects your monthly payments. You’ll receive notice of this transfer if it happens. Set up your online account, enroll in autopay to avoid missed payments, and save the servicer’s contact information.
Important: monitor your first few statements carefully to make sure payments are being applied correctly, especially if you made any prepayments or round-up payments. And remember that even after your loan transfers, you can always come back to us if you have questions about your mortgage, want to explore a refinance down the road, or have friends and family looking to buy.
Bonus: Think About Your Next Chapter
Buying a home is a major milestone — but it’s also a foundation. As you settle in, start thinking about your longer-term financial goals. Are you planning to stay 5–7 years? What equity position will you have by then? When does it make sense to refinance? When do you start thinking about investment properties?
We’re here for those conversations too — not just at closing, but throughout your entire homeownership journey. We build long-term relationships with our clients and love being part of the team as your financial picture evolves.
Have questions about your new mortgage or thinking ahead? Reach out anytime. Congratulations on your new home.
Frequently Asked Questions
How soon after closing should I file for the Texas homestead exemption?
As soon as you’ve moved in and the property is your primary residence. Texas now allows year-round filing, and the exemption typically applies to the current tax year if filed by April 30. There’s no cost and no downside — file it as soon as possible.
What is a mortgage servicer and is it the same as my lender?
Your lender originates your loan; your servicer is the company that manages the day-to-day administration of it (collecting payments, managing your escrow account, etc.). Many lenders sell the servicing rights after closing, which is completely normal. Your loan terms don’t change — only who you send your payment to.
Do I need flood insurance in Austin?
Standard homeowners insurance does not cover flooding. Whether you need flood insurance depends on your property’s flood zone designation. Homes in high-risk FEMA flood zones are typically required to carry flood insurance as a loan condition. Even if not required, it’s worth evaluating — Austin has experienced significant flooding events, and flood maps don’t always capture every at-risk property.
How do I know if my first mortgage payment was received correctly?
Set up online access with your loan servicer as soon as you receive their contact information. You can view your payment history, current balance, and escrow account details online. If you’re on autopay, check the first statement carefully to confirm the correct amount was withdrawn and applied properly.
When should I think about refinancing?
There’s no universal answer, but a refinance generally makes sense when you can lower your rate by at least 0.5–1%, when your credit has significantly improved since purchase, or when you want to change your loan term. The break-even calculation — dividing closing costs by monthly savings — tells you how long you need to stay in the home to recoup the refinance cost. We’re happy to run this analysis anytime you’re curious.
Ferrando Financial LLC | Mortgage Austin | NMLS# 2403080 | Licensed in Texas. This content is for educational purposes only and does not constitute a commitment to lend. Loan approval is subject to creditworthiness and program guidelines.
