If you have bought a new house, congratulations must be flowing in. You successfully made it through selecting from the plethora of options and finalising the one house that checks all the boxes.
Now you may wonder it is time you relax and enjoy this new purchase of yours, but wait! We got to tell you some important things you must do once you get a new home. Obtaining digitized copies of your documents, buying home insurance, updating tax records & transferring utility resources are some of the key steps to take.
Your housewarming celebrations can be followed after undertaking these crucial steps. Have a look:
Preserve and Digitise
When you get a new home, there are a bunch of documents that you get from your agent. These are some of the crucial documents that determine the proof of ownership. You need to take special care of these documents. So why not take an extra step to preserve them?
Make sure you make copies of these legal documents. Also, store them in different places like your office drawers or bank lockers. Take a step ahead in saving them by also making a digital copy of them. Scanning them is a one time process, and careful preservation is important. They have a great deal of portability and can be handy for sharing when required.
House Insurance Cover
Most overlooked aspect after buying a home is getting a home insurance cover. Some put it off considering they’ll buy later but often forget. God forbid, there is any damage to your property, your householder policy or home insurance cover will ensure you have the financial resources to rebuild it. It keeps your financial worries at bay. So make sure it tops your to-do list after buying a home.
Update your tax records
Other than your property documents, your tax records are another important area that needs updating. They serve as proof of ownership too. So head over to your municipal authority and get your tax records updated. If you skip this step, you will need to pay the tax for the receipts that are issued in the previous owner’s name.
Transfer of utility resources
Every place you go across the nation, your utility bills serve as a valid document towards evidence of ownership and proof of residence. This makes it a crucial step not to miss. Make sure you take this step on priority as you move in.
Whether it is your passport application or change in your aadhar details, these documents are essential to the necessary changes when you move houses. Your utility bills like electricity and water are considered as valid forms of documents.
In case you purchase from the developer, bills are issued in the name of the developer until the project is completed. After that, they are eventually transferred in your name. For a resale, you would be required to obtain a No Objection Certificate (NOC) from the previous owner.
Obtain Share Certificate
For those looking for an apartment in a co-operative housing society, don’t miss out on this! All your renovation work depends on this. Simply submit your sale deed to the society or builders registered office. For a resale, you need to get it transferred from the previous owner’s name.
Once you have ensured you’re through with these above steps, you can enjoy the comfort of your nest without any worries. A home insurance premium calculator is a nifty tool that you can use while you compare the various home covers to ensure financial safety.