Between Contract And Closing

We read a lot of information on how to prepare for purchasing a new home. There are a lot of how-to articles on what to look for when searching for a new home, as well as how to make lists prioritizing which amenities to look for when choosing the optimal house layout.

I push all my new home buyers to first get pre-approved for a mortgage before going out shopping for a new home. This is the most important item on the “to-do” list for buyers since, without this important step, it’s impossible to know which houses are in their “affordable” range. And it’s very disheartening to find a house you love, only to find out later that it’s outside your budget.

Once you’ve found your dream house and you’ve already signed a contract to purchase, there’s still plenty more to do before the closing date comes and you’re ready to take possession of your new home.

First off, you must submit your mortgage application with all the paperwork needed to streamline the mortgage approval process so the mortgage can be properly set up before the closing date.

Next, you need to shop for homeowners insurance. Every homeowner needs a policy to cover various sorts of situations that could arise on your property that poses a liability. The homeowners insurance policy will also be required by your mortgage lender prior to setting up a closing date to close on your new home.

Before closing, you also need to open accounts with all of the utility companies that you’ll be using once you take possession of your new home. These may include either the gas or oil company associated with your home’s heating needs, the electric company, as well as the water company supplying the water service.

In addition to these basic utility companies, you may want to check into the services of cable network companies that supply cable TV, internet, as well as phone services to your new home, as well as phone companies for your landline phone service.

If you plan to have a burglar alarm service in your home with a central station, contacting a company to supply this service to your home should also be planned in advance of your closing, so all of the services will connect with ease from seller to buyer seamlessly.

You might even want to show proof of the central station service if you decide to use one to show your homeowners insurance company for any discounts that might apply to your new insurance with this system in place.

Price out several movers in advance so you have a mover in place early. Taking care of this way in advance may save money by allowing you the time to price out several different movers before choosing the one that works for you.

And last but not least, prepare change of address forms and make a list of all the companies you need to notify of your change of address so you can just mail them once you have closed.

Preparing these items well in advance of your closing date will make the transition to your new home more seamless and less stressful, leaving you free to do the things that can only be done once you move in. 

Anessa Cohen lives in Cedarhurst and is a Licensed Real Estate Broker (Anessa V Cohen Realty) with over 20 years of experience offering residential, commercial and management real estate services. You are invited to visit her website at AVCRealty.com. She can be reached at 516-569-5007. Readers are encouraged to send any questions or comments by email to [email protected].