When you buy a new house, there are several hurdles to go through. You’ll have to officially close the sale, pack your old home and move to a new one, and unpack everything. But, there are a few things that may also happen to new homeowners during this transition process. Here are three things you should expect as a new homeowner.
1. Property Tax Changes
A new homeowner expects to pay property taxes, but it’s important to remember that the tax may change as the years go by. Property taxes tend to go up and down from year to year as your home’s assessment changes depending on the housing market and other factors.
A professional appraiser will be called on to accurately assess your home’s value. Although this is optional, if you don’t let the appraiser tour your home, their assessment will be limited to what they can see without coming through your door. This could cause them to incorrectly value your home, and you’ll also forfeit the chance to dispute the appraiser’s report.
It’s also helpful to check your home’s property records. If your home is incorrectly listed as having more bedrooms than it actually does, you could be paying too much in taxes, so it’s important to check these records and appeal as necessary.
2. Your Mortgage May Get Sold
A sold mortgage is something that happens quite frequently, so it’s normal to expect as a new homeowner. Although your mortgage started out under one loan company, this doesn’t mean they’ll continue to service the loan until it is paid off. If your loan has been transferred, you will receive a notice and instructions on how to pay your mortgage moving forward. Rest assured, if you are on a fixed mortgage, the interest rate will stay the same.
3. A Visit From your Insurance Agent is Something to Expect as a New Homeowner
You’ve probably already set up a homeowners insurance plan before purchasing your home, but your insurance agent may want to visit your new home to perform an assessment. During their assessment, they’ll identify potential hazards and other issues that need your attention. In some cases, they may ask you to fix certain things in order for their company to continue to cover your home. You may even need to explore different policies based on their findings.
Homeownership is a big responsibility and there are many things to expect as a new homeowner. These three events sometimes come as a surprise to new homeowners. If you’re unsure how to handle any part of the home buying process, reach out to your agent so you’re prepared about what to expect as a new homeowner.