Congratulations on your new home!
This is such an exciting milestone. It’s important to update your financial plan to reflect this change.
Please use this list as a guide and reach out if we can help you complete any of the items.
- Update Estate Planning Documents
Create or update a Will along with your Powers of Attorney. Review and update beneficiaries on all life insurance and retirement accounts, including employer plans. - Revise Household Budget
Having a new house will change your household budget. Make sure you update your monthly expenses to include all utilities, taxes, and HOA fees if applicable. Prioritize projects and repairs. - Build Emergency Fund
Your emergency fund should include a minimum of 3 months of living expenses should your cash flow change for any reason. This should also include any emergency house repairs that may arise. Increase your emergency fund to reflect your increase in expenses. - Life Insurance
If your family relies on your income, it is important to have life insurance. If you have a life insurance policy, make sure the face amount is still appropriate for the new mortgage. If you do not have a life insurance policy, speak with your advisor about one. - Disability Insurance
Disability insurance is important to provide income and cover your mortgage should you find yourself unable to work. Speak to your advisor about options. - Update Homewoner’s Insurance
Make sure you speak with your policy advisor about potential money-saving ideas (i.e.adding a security alarm system). - Organize and Secure Essential Documents
Keep track of all your mortgage related paperwork, tax forms, and bills. Make sure they are someplace safe and accessible. - Familiarize Yourself with Tax Code Advantages
Inform your accountant that you have bought a house to take advantage of all tax benefits.
Visit Life Changes page
Life sometimes has some unforseen changes that can feel overwhelming.
