As soon as you take that first step and get pre-approved for financing, you are diving into a Tsunami of information overload. The natural reaction is to shut-down and deal only with the absolutely necessary items and that’s as it should be – we can only absorb so much information at one time.
This article is meant to be revisited along your journey as you have the need/capacity to take on more information. I’ve attempted to organize these items in the same timeline that they’ll surface in along your journey to becoming a homeowner. At the end of this article, I have a list of “Trusted Partners,” all of whom I am confident will serve you well.
Moving: Depending upon your age and stage in life, you may be considering moving yourself or, alternatively, using a professional mover to manage the process. Either way, plan ahead – it takes time and, for moving companies, you don’t want the choice to be based on who’s available, you want the best company. There are numerous tips ‘n tricks articles you can use to plan your move on the web. Bottom line: Start working on this as soon as you’ve signed your contract on your new home.
Homeowners Insurance: You’ll need to arrange and pay for your 1st years’ insurance coverage at least 2-weeks prior to closing but there’s no reason to leave it to the last minute. I recommend starting your search for an insurance agent as soon as you’ve completed the home inspections and know that you are proceeding with the purchase.
My wife, Heather, sagely observes that insurance is a bet against yourself – it’s something you buy but never want to use. That’s true and it tempts us to buy the least expensive policy we can find. However, I’m reminded every day that that’s not necessarily the wisest choice: our neighbor’s house caught fire in January, 2015, and they didn’t have enough coverage to rebuild it. We’ve been staring at a burned-out and boarded-up shell of a home ever since and it’s proof that buying the right coverage is the smarter choice.
Security System: You may want to investigate installing a security system once you have moved into your new home. I strongly recommend that you stay away from the national brands and buy local. That’s partly because they’ll sell based on value and benefits, rather than fear. As well, my personal experience is that they are better trained, more responsive, and no more expensive.
Mortgage Protection Insurance: Within a month of moving into your new home, you’ll start getting solicitations from companies wanting to sell you some form of “mortgage protection insurance.” Some of these mailings will look like an overdue bill or say “Final Notice” on the envelope and reference your mortgage lender and loan amount, all to make you call them. Here’s my answer: Throw these away. They are nothing but expensive term life insurance policies. Instead, please review my “Trusted Partners” list at the end of this section for a reliable and trustworthy person to contact about this worthy product.
Wills: You know “it” and I know “it” but nobody does anything about “it.” What am I talking about? Dying. We’re all going to and you really should have a plan in place for how you want your affairs managed. Really.
More important, you want to have a Healthcare Power of Attorney in place so that your wishes may be adhered to if you become incapacitated. Most people I know will say “Just put a pillow over my head and spare me the suffering” but the only way to really ensure that you get the treatment you want is to empower someone to act on your directives.
Kit’s Trusted Partners
|Moving||Sue Kelley (Western CT )
Patrick Greene (Eastern CT )
|Daley Moving & Storage (860) 482-8508
Greene Moving & Storage (860) 649-2255
|Homeowners Insurance||Evan Cooper||Bearingstar Insurance (860) 284-5846|
|Security System||Maria Hodgson||Continental Security (860) 675-7222|
|Mortgage Protection Ins||Francis King||MW Financial (860) 677-2600|
|Wills||Neil Kraner||Kraner & Hess (860) 269-6244|
|Carpet/Window Cleaner||Gary Daigle||Decorator’s Choice (860) 997-5989|
|Landscaping||Rick Cowles||Red Oak Landscaping (860) 977-8024|
|Professional Organizer||Regina Sanchez||Regina Sanchez (860) 874-8515|
|CPA||Rick Farina||HL Page & Co (860) 678-0203|