The final step in the buying process is moving into your new home. There are several things that you need to attend to during this step and we’ve outlined them here for you.
- Take possession of the property
- Renting back – if applicable
- Plan your move
Item #1 -Take possession of the property
Taking possession of the property is the first item on our list. Once you’ve closed on the property and it’s been recorded with the county the property is officially yours. Usually buyers move right along to the third item on our list but in some instances buyers rent their property back to sellers for a set amount of time.
Item #2 – Renting back
It's fairly common for sellers to ask to "rent back" their home for a short period of time while they wait to move into their new house. Most agents view rent-backs as perfectly acceptable, though some may argue this point. The arrangement is usually straight forward as long as you take a few steps to protect yourself.
First, establish a fair rent for the property before you get to the closing table. Try and arrange to collect the money up front or have it credited in escrow. A fair rent also includes your monthly mortgage, plus taxes and insurance. Also work out who will be responsible for maintenance and utility expenses.
Second, ask the sellers to set aside a damage deposit.
Third, set a departure date for your new renters and establish a daily penalty if they fail to vacate on time.
Lastly, do a thorough inspection of the house before the rental period begins to account for its condition in case there is any damage during the rental period.
Item #3 – Plan your move
Planning a move can sometimes be a challenge. Here is a list to assist you while you’re in the planning stages.
- Change over the utilities: Schedule all of your utilities to be changed over for your existing property as well as your newly acquired property. Do this a few weeks ahead of the actual move date.
- Change over any services: Schedule all of your services to be changed over from your existing property to your newly acquired property. This would include water delivery services, magazines & newspapers along with wine of the month clubs etc. Do this a few weeks in advance of the actual move date.
- Repairs & renovations: If at all possible try and have any work that you’re having done to your new property done in advance of your move. Give yourself several weeks to try and get everything done.
- Packing: Determine whether you’ll be hiring a professional moving company to pack your things or if you’ll be doing it yourself. If you decide to pack things yourself, be sure to pack delicate items securely with sufficient padding and never try and overload any packing boxes with too much weight. Try and begin packing unneeded items weeks in advance to allow yourself additional time to handle anything that might come up as the move in date draws near.
- Change of address: Submit your change of address information to the post office in advance of your move with a scheduled move date.