Essential steps for new homeowners – What to do next
June 2024
Congratulations! You’ve got the keys to your first home – but what do you need to think about next? You’ll want to focus on making your house or flat a home, but there are some other important steps you should consider after moving in. In this article, we set out what you need to know as a first time buyer.
Day one
If you’re moving into a new build property, start creating your snagging list (a list of issues with the property that the developer needs to fix) and think about bringing in a professional to identify potential problems.
Your first week
You may also want to consider changing the locks. There’s no way of knowing whether you have every key for your new property and, while it’s unlikely to happen, the previous owner or anyone else who had a key could still access your home. Bring in a locksmith to change the locks on any external doors.
This first week is also a great time to introduce yourself to your neighbours. A friendly wave while unpacking boxes, a quick hello during a walk, or check for online neighbourhood forums to connect. Building positive relationships with your neighbours creates a sense of belonging, can be a source of support, and even increases your home security.
Week two and beyond
Now you’ve settled in, it’s time to start looking ahead.
You’ll soon be making monthly mortgage repayments, alongside paying other fees that come with owning a home such as council tax. If you haven’t already, build a monthly budget for your outgoings, so you know exactly how much money you’ll be spending on bills and what you’ll have left over. This is particularly important if you’re planning to make any renovations or buy new furniture.
You might have used up some or most of your savings when buying your home, so now is the time to start building your funds back up again. If you don’t have one already, consider opening a savings account to get your savings back in shape. At Coventry Building Society, we offer a range of savings accounts that can help make your money work harder for you.
Get remortgaging on your radar
First, take steps to maintain a healthy credit score. This could help you to secure more favourable remortgaging terms in the future and includes things like updating your details on the electoral register.
Next, get to know what happens when you remortgage. There are two different routes to know about – a remortgage, where you switch lender, and a product transfer. With a product transfer, you stay with your current lender but transfer to a new mortgage product. This can be a great option if you’re looking to transfer quickly, as you don’t need to fill out a full mortgage application. At Coventry Building Society, our product transfer process can take as little as 15 minutes through our online portal. Eligibility for our speedy online transfer is subject to certain criteria set out here. If you need a helping hand or to make changes to your mortgage amount, term or repayment basis, our expert advisors are happy to guide you through the process over the phone.
You’ll need to begin exploring your choices of mortgage product around six months before your current fixed rate expires. If you took out a two year fixed rate mortgage for example, this will be just 18 months after moving in. You can then apply to product transfer with Coventry Building Society up to four months before your current rate expires. To find out more about how you can get remortgage ready, and to explore our range of mortgage options for a product transfer, contact your broker if you have one or click here.
Related articles:
The cost of being a first time buyer
It’s important to be aware of the many costs involved in the home buying process.
Essential steps for new homeowners – What to do next
June 2024
Essential steps for new homeowners – What to do next
June 2024
Essential steps for new homeowners – What to do next
June 2024
Day one
Moving day can feel chaotic. But, once you’ve walked through the front door, check that everything is as it should be. Are important features like the boiler working properly? Is anything that was included on the seller’s fixtures and fittings list, such as white goods, missing? If you come across any problems which breach the contract, now is the time to raise these issues with your estate agent or solicitor.
If you’re moving into a new build property, start creating your snagging list (a list of issues with the property that the developer needs to fix) and think about bringing in a professional to identify potential problems.
Your first week
You may also want to consider changing the locks. There’s no way of knowing whether you have every key for your new property and, while it’s unlikely to happen, the previous owner or anyone else who had a key could still access your home. Bring in a locksmith to change the locks on any external doors.
This first week is also a great time to introduce yourself to your neighbours. A friendly wave while unpacking boxes, a quick hello during a walk, or check for online neighbourhood forums to connect. Building positive relationships with your neighbours creates a sense of belonging, can be a source of support, and even increases your home security.
Week two and beyond
You’ll soon be making monthly mortgage repayments, alongside paying other fees that come with owning a home such as council tax. If you haven’t already, build a monthly budget for your outgoings, so you know exactly how much money you’ll be spending on bills and what you’ll have left over. This is particularly important if you’re planning to make any renovations or buy new furniture.
Get remortgaging on your radar
First, take steps to maintain a healthy credit score. This could help you to secure more favourable remortgaging terms in the future and includes things like updating your details on the electoral register.
Next, get to know what happens when you remortgage. There are two different routes to know about – a remortgage, where you switch lender, and a product transfer. With a product transfer, you stay with your current lender but transfer to a new mortgage product. This can be a great option if you’re looking to transfer quickly, as you don’t need to fill out a full mortgage application. At Coventry Building Society, our product transfer process can take as little as 15 minutes through our online portal. Eligibility for our speedy online transfer is subject to certain criteria set out here. If you need a helping hand or to make changes to your mortgage amount, term or repayment basis, our expert advisors are happy to guide you through the process over the phone.
You’ll need to begin exploring your choices of mortgage product around six months before your current fixed rate expires. If you took out a two year fixed rate mortgage for example, this will be just 18 months after moving in. You can then apply to product transfer with Coventry Building Society up to four months before your current rate expires. To find out more about how you can get remortgage ready, and to explore our range of mortgage options for a product transfer, contact your broker if you have one or click here.
Related articles:
The cost of being a first time buyer
It’s important to be aware of the many costs involved in the home buying process.
