Post-Closing Buyer Instructions
Preserve your paperwork:
Don't be tempted to discard the paperwork from your home sale. Keep all documents related to the purchase as proof of expenses for tax purposes and potential IRS audits.
Maintain home improvement records:
Document any home improvements you made while owning the property. The IRS may consider these expenses for tax benefits. Remember, improvements add value, while repairs are considered general maintenance.
File for Florida Homestead Tax Exemption:
As an owner-occupant, take advantage of the Florida Homestead Tax Exemption. File promptly with your county tax office upon receiving your recorded deed, ideally before February 29th. Don't forget to explore Homestead Portability if applicable.
Beware of loan coupons and wire fraud:
If your loan is sold to another lender, ensure the information matches the notification you receive. Beware of fraudulent coupons sent by scammers to avoid financial loss.
Handle junk mail carefully:
After filing your recorded deed, expect a surge of junk mail. Ignore any official-looking letters requesting payment for a copy of your recorded deed. You've already paid for it during closing. Discard all junk mail unless you have doubts, in which case, consult an expert.
Understand escrow and property taxes:
Property taxes and home insurance fees are collected with your mortgage payment and held in an escrow account. Your lender will send the necessary payments to the county and insurance company. You receive copies for reference, but you don't make the payments directly. Prepare for adjusted property tax bills if you purchased new construction.
Re-key instead of changing locks:
Your home likely has re-keyable locks, so instead of changing them completely, purchase an extra key and re-key when necessary. You can switch keys back and forth as needed.
Accelerate loan repayment:
Consider making an extra payment each year or dividing it into 12 monthly payments towards your principal. This strategy can reduce your 30-year mortgage term by seven years, helping you build equity faster.
Preserve your land survey:
Keep the original copy of your land survey from the closing packet (unless it's a condominium). This saves approximately $300 when you sell unless you made structural changes like adding a fence or pool.
Leverage your home warranty:
If you purchased a home warranty, use the provided services by contacting them before hiring a service company independently. For new construction, consider an independent home inspection around month #11 to address any issues covered by the builder warranty program before it expires at the 1-year mark.
Enjoy your new home:
If you need assistance with contractor referrals, real estate queries, or home equity reviews, feel free to reach out. And don't forget to invite us to your housewarming party! We'll bring dessert 🙂
Lastly, if you know someone interested in buying or selling real estate, we're always available for your referrals. We appreciate the opportunity to earn their business!
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