Just bought a house? Your 14-point Financial and Administrative To-Do List
Congratulations, you're a homeowner! Pop the champagne, celebrate, and then... take a deep breath. While the keys are in your hand, there’s still a crucial list of financial and administrative tasks to tackle to ensure a smooth transition into your new property. Skipping these steps can lead to unnecessary stress, missed payments, or even legal headaches. Here’s your comprehensive 14-point to-do list for new Canadian homeowners:
1. Change Your Address (The Absolute First Step!)
This is probably the biggest money-saver. The less you move, the less it costs. Go through every room and be honest with yourself: do you truly need it? Sell unwanted furniture, electronics, and even clothes on platforms like Facebook Marketplace, Kijiji, or local consignment shops. You'll reduce your moving load and put cash back in your pocket. Pro-Tip: Don't waste hours on the phone. ChangemyAddress.ca can help you notify multiple organizations from one convenient platform, making this crucial step incredibly easy.
2. Update Your Driver's License and Vehicle Registration
Each province has a specific timeframe (often 30 days) to update your address on your driver's license and vehicle registration. This is a legal requirement and easy to forget amidst the chaos!
3. Set Up Utilities and Home Services
Ensure electricity, gas, water, internet, and cable are connected in your name for your move-in date and disconnected at your old place. Don't forget garbage and recycling services, often managed by the municipality.
4. Get Home Insurance Immediately
Your mortgage lender will require home insurance before closing. Ensure your policy is active from the moment you take possession to protect your valuable investment. Review the coverage carefully.
5. Review Your Mortgage Details
Familiarize yourself with your first payment date, interest rates, prepayment options, and how to access your mortgage statements. Set up automatic payments to avoid missing due dates.
6. Adjust Property Taxes
Your lawyer will likely handle the initial property tax adjustments during closing, but confirm that your municipality has your correct mailing address and that you understand future payment schedules.
7. Update Your Will and Estate Plan
Owning a significant asset like a home often warrants updating your will, power of attorney, and other estate documents to reflect your new property and wishes.
8. Change Locks and Security Codes
For your peace of mind and security, change all exterior door locks as soon as you get possession. If there's a security system, reset codes and update monitoring information.
9. Reroute Your Mail
Even after notifying major organizations, some mail might slip through the cracks. Set up mail forwarding with Canada Post for at least 6-12 months. This gives you a safety net.
10. Update All Your Financial Accounts
Notify all your banks, credit card companies, investment firms (RRSPs, TFSAs, etc.), and loan providers of your new address. This is critical for statements, new cards, and security.
11. Inform Your Employer & Benefits Providers
Update your HR department for payroll, benefits, and emergency contact information. Also, inform any private health or dental insurance providers directly.
12. Locate & Understand Emergency Shut-Offs
Know where your main water shut-off valve, electrical panel, and gas shut-off are located in your new home. This knowledge is invaluable in an emergency.
13. Create a Home Maintenance Schedule
A new home means new responsibilities. Start a simple maintenance schedule for tasks like furnace filter changes, eavestrough cleaning, and seasonal checks.
14. Keep a "New Homeowner" Folder
Create a physical or digital folder for all documents related to your home: purchase agreement, inspection reports, appliance manuals, utility account numbers, insurance policies, and any renovation receipts.
Feeling a bit overwhelmed? You don't have to be! Managing all these address changes can be daunting, but it's one of the most critical steps. Let ChangemyAddress.ca take the stress out of updating your contact information with dozens of organizations, so you can focus on enjoying your beautiful new home! Get started with your easy address change today!
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