Welcome To Your New Property: Next Steps

Monah4MyHome Team
Oct 16, 2020
1 min read

Updated: Apr 6, 2022

You can become overjoy with excitement of the purchase of your new home. Here are a few things to remember.

Store your settlement papers after buying a house

Those papers you received at settlement are extremely valuable, so hold on to them! In the short-term they can help establish tax deductions for the year in which the property was purchased. In the future such papers will be important for tax purposes when the property is sold, and in some cases, for calculating estate taxes. -Realtors.com

Assess the status of your utilities

Also at closing, determine the status of the utilities required by the home, items such as water, sewage, gas, electric and oil service. You want utility bills to be paid in full by owners as of closing, and you also want services transferred to your name for billing. Usually such transfers can be done without turning off utilities. Realtors can provide contact numbers and related information. -Realtors.com

Update Homestead documents if necessary

Homestead is a property tax reduction program open to Minnesota Residents. The State of Minnesota encourages home ownership by providing owner-occupied properties a reduction in their property taxes. The homestead classification can reduce the taxes on a residential property up to $304 per year. -City of Minneapolis