Insurance, HOAs, and Other Stuff You Need to Buy a House – The Closing Curve

Insurance, HOAs, and Other Stuff You Need to Buy a House

Once all the inspections are complete on your soon-to-be new home, you are approaching your closing and probably chewing on your fingernails just a bit…

There are a few more important things for you to do before you are finally done with the home buying process and get the keys to your new home.

You’ll need home insurance. Why?

Well, if you are getting a mortgage, it’s one more thing the lender will need proof of before they approve your loan. They want to be sure their investment will be protected in case it is damaged or destroyed.

But, even if you are buying cash, you need it.

In case of fire, hurricane, tornado, or other natural disasters, you want to be able to replace your home. No one ever really believes this will actually happen, and most times it doesn’t.

But, if it does, you sure will be glad you have insurance to help replace what can be replaced.

Some options in homeowners insurance policies will offer you a place to stay while the damage is being repaired. Ask your insurance agent about these options.

Flood insurance is a separate policy and required if the property is located in a flood zone. If you are uncertain, it’s a great idea to ask you agent to find out if the property IS in a flood zone or not.

Our area has experienced a great deal of flooding in the last few years, so be sure to check on this!

Another important thing to dig into is to find out everything you can about the HOA, the Homeowners Association.

Now, this might be something you should check on BEFORE purchasing a home if you have a dog and want to put up a fence, or other specific changes to the property.

Ask your agent to get you the HOA rules and regulations so you can get familiar with any neighborhood restrictions.

An HOA exists to preserve the property values of the community by keeping all homeowners consistent. But, it’s also good to know how nit-picky they are!

Next, you’ll need to start setting up the utilities in your new home. Check with your agent for info on which company to call to set up:

  • Electric
  • Water
  • Cable and Internet
  • Natural Gas
  • Trash Collection
  • And Security Systems

You’ll want these all scheduled in advance to go into effect the day of closing.

Seem overwhelming?…yes, I know it can be. Just tackle ONE item at a time. USE your Realtor as a partner in getting these items checked off the list.

Need a great Realtor? You know I’d love to help you!!

If you are thinking of buying or selling, or know someone who is, give me a call or shoot me a message…I can help with any question, BIG or small.

Contact us HERE.