In your first year, secure the house, learn its systems, set up a maintenance routine and a repair fund, file for any property tax exemptions, check your escrow and insurance, and keep an eye on milestones like removing mortgage insurance. A little organization in year one prevents expensive surprises later.
The first week
- Change the locks and garage codes.
- Find the shutoffs: main water valve, gas shutoff and electrical panel. Label the breakers.
- Test smoke and carbon monoxide detectors and replace batteries.
- Set up utilities in your name, including trash and water.
- Store your closing documents and deed safely, with digital copies.
The first month
- Set up your mortgage account online and confirm where to send payments; servicing often transfers to a new company early on, so watch for a transfer notice.
- Apply for a homestead exemption and others you qualify for; see property taxes, explained.
- Review your inspection report and schedule anything urgent.
- Start a home repair fund, ideally 1% to 2% of the home’s value a year.
Seasonal maintenance
| Season | Tasks |
|---|---|
| Spring | Clean gutters, check the roof and drainage, service the air conditioner |
| Summer | Check caulk and seals, trim trees away from the house, inspect the deck |
| Fall | Service the furnace, clean gutters again, shut off outdoor faucets in cold climates |
| Winter | Watch for ice dams and frozen pipes, test the sump pump |
| Every 1 to 3 months | Replace HVAC filters, test detectors |
Money milestones
- Escrow review: your servicer reviews escrow once a year; if taxes or insurance rose, your payment may change. Shop your insurance at renewal; see homeowners insurance basics.
- Tax time: keep your Form 1098 and closing statement; ask a tax professional about deductions.
- Mortgage insurance: track when you can remove it with the remove mortgage insurance tool.
- Extra payments: if you have room, see what they’d save with the extra payment calculator and how your balance falls with the amortization schedule.
- Rates: if rates fall meaningfully, check the refinance break-even tool.
Plan bigger projects carefully
Live in the home a while before major renovations, so you know what you really want. Get multiple quotes, check contractor licenses and insurance, and pull permits where required. See your full yearly costs in the true cost to buy.
Common questions
What should I do first after buying a house?
Change the locks, find the water, gas and electrical shutoffs, test detectors and set up utilities in your name.
Why did my mortgage payment change after a year?
Your escrow account was reviewed; higher property taxes or insurance raise the payment even on a fixed-rate loan.
How much should I save for home repairs?
About 1% to 2% of the home’s value a year, more for older homes.
Updated October 2026. Educational content. OfferBacked is not currently a lender and doesn’t issue pre-approvals or loans.