What to do after buying a home
Tax filings, records, insurance, repairs, address changes, and defect deadlines.
After moving in, file the first-year mortgage-deduction return and any other tax claims, change your address, retain the contract and cost evidence, note defect-notification deadlines, establish a repair reserve, and review insurance annually.
Key points
- File the first-year mortgage-deduction return and any other tax claims.
- Change your address and update records.
- Retain the contract, important-matters explanation, and cost evidence.
- Note defect-notification deadlines, start a repair reserve, and review insurance annually.
Tax filings and records
The mortgage tax deduction generally requires a tax return in the first year of the claim, so file it — the credit is based on your qualifying year-end mortgage balance and is not automatic. Change your address on your resident record and with utilities, banks, and the lender. Retain the purchase contract, the important-matters explanation, invoices, registrations, loan records, and any renovation evidence; you will need this cost evidence later for capital-gains basis if you sell and for warranty or defect claims.
Defects, reserves, and insurance
Check the defect-notification deadlines in your contract — for both new and used homes there are periods within which you must notify the seller of qualifying defects, and missing them can forfeit protection. Establish a repair reserve: a condominium collects one, but a house owner must self-fund an equivalent for roof, exterior, equipment, and structure. Review your fire and earthquake insurance annually, and remember earthquake cover is separate from fire cover and capped. These early habits protect the largest purchase of your life.
Key points to carry away: File the first-year mortgage-deduction return and any other tax claims; Change your address and update records; Retain the contract, important-matters explanation, and cost evidence; Note defect-notification deadlines, start a repair reserve, and review insurance annually. Use the linked guides and calculators for the full decision, and confirm anything material with the lender, a licensed broker, a judicial scrivener, or a tax accountant before you act.
Who this is for
- New homeowners
- Anyone setting up post-purchase habits
What this is not
- Detailed tax-filing instructions
- Missing a defect-notification deadline can forfeit your protection; note the dates in your contract.
Frequently asked questions
Must I file a tax return in the first year?
Generally yes for an initial mortgage-credit claim; later years an employee may claim it through year-end adjustment.
What records should I keep after buying?
Contracts, important-matters statement, invoices, registrations, loan records, renovation evidence, and tax filings.