9 Money Moves You Must Make Immediately After Buying a House
Written by
Gabriel Vito
Edited by
Jenna Klaverweiden
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Owning a home is a major milestone — one that comes with excitement and a sense of accomplishment. But along with the joy of settling into your new space comes the responsibility of managing your finances wisely. Without careful financial planning, the demands of homeownership can quickly outweigh its rewards, proving the old adage true: More money, more problems.
To ensure long-term stability and protect your investment, there are key steps you can take immediately after buying a house. From replenishing your savings to preparing for property tax adjustments, these nine money moves will help set you up for success.
Also see 12 hidden costs of homebuying you need to know about.
Replenish Your Emergency Fund
The process of buying a home often drains savings, leaving many new homeowners without a financial safety net. It’s crucial to prioritize rebuilding your emergency fund, aiming for three to six months’ worth of living expenses. Whether your savings took a hit from moving costs or your new financial responsibilities call for a larger cushion, you can adjust your target accordingly.
This fund can cover unexpected costs like medical bills, job loss or urgent home repairs — giving you peace of mind when life throws curveballs.
Update Your Budget To Reflect New Expenses
Homeownership brings a host of new costs, including property taxes, homeowners insurance, maintenance and utilities. Take time to adjust your budget to reflect these expenses.
Apps like Mint and YNAB (You Need a Budget) can help you track spending and stay on top of your financial goals. Being proactive with your budget prevents overspending and ensures you’re prepared for ongoing obligations.
Start a Home Maintenance Fund
Even if your home is in excellent condition, repairs and maintenance are inevitable. From replacing a water heater to repairing a leaky roof, the costs can add up quickly. Setting aside money in a dedicated home maintenance fund allows you to tackle these expenses without financial stress.
The insurance company State Farm, for example, advises setting aside 1% to 4% of your home’s value annually for upkeep.
Review and Update Your Insurance Policies
Now that you own a significant asset, it’s vital to ensure you have the right insurance coverage. Review your homeowners insurance policy to confirm it adequately covers potential risks.
As reported in a 2024 Insurify study, water or flood damage was the most common insurance claim among homeowners, but 60% of respondents didn’t have separate flood insurance.
Consider Refinancing Options Early
Interest rates fluctuate over time, and staying informed can lead to significant savings. If rates drop, refinancing your mortgage could lower your monthly payments or reduce the term of your loan.
Just be sure to factor in additional refinancing costs as well. Those can include an application fee, appraisal fees and closing costs, per Rocket Mortgage.
Plan For Property Tax Adjustments
Property taxes can go up, especially if your home’s value is reassessed by your local government. To avoid surprises, check that your escrow account has enough money to cover potential increases.
Staying ahead of these changes can help you avoid unexpected bills.
Explore Energy-Efficiency Upgrades
Making energy-efficient upgrades to your home can save money in the long run while reducing your environmental footprint. Consider investing in solar panels, smart thermostats or energy-efficient appliances.
Even small changes can make a difference. According to the U.S. Department of Energy, $200 to $400 of the $2,000 Americans spend annually on energy could be going to waste due to things like drafts, air leaks and outdated systems.
Update Your Will or Estate Plan
Owning a home adds complexity to your estate. Including your property in your will ensures it’ll be distributed according to your wishes. Consult a legal professional to update your estate plan, protecting your home and family’s future.
Review Your Mortgage Terms Regularly
Your mortgage isn’t a “set it and forget it” arrangement. Periodically review your loan terms to identify opportunities for savings, such as paying off private mortgage insurance or making extra payments toward the principal. Small changes can lead to significant long-term financial benefits.
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