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What Happens After Closing on Your Condo?

First of all, congratulations! There is no better feeling than owning your own condo. Life as a condo owner involves many responsibilities, but it is one of the most rewarding gifts you can give yourself. The information in this article includes helpful advice to ensure your transition to condo ownership is a smooth one.

Preparing for Moving Day

  • Begin packing as soon as possible. Go shopping for all the essential moving supplies and be sure to stay organized to keep the job as stress-free. Make sure you use boxes that aren’t to large or heavy and take extra care in packing fragile items like glass and antiques.
  • Call utility companies to transfer the electricity, gas, water and telephone into your name. In addition, if you would like cable television in your condo, do a little research to determine if you will get a better value from cable or satellite providers.
  • Get a small can of paint at the hardware store to touch up any paint in your new condo. If you like, you may want to get different colors to add your personality to the walls of your condo.
  • Make sure you measure the hallways and doorways of your rooms to ensure your furniture will fit when you move.
  • Contact USPS to begin forwarding your mail to the new address.
  • Contact anyone who sends you mail, including: friends, family, your employer, creditors, etc. You will also want to give them your new phone number if you get a land line installed.
  • Visit your bank to update your address and phone number for your bank accounts.
  • You may want to change the locks on your doors. If so, be sure to get comparison quotes from several companies, unless you plan to do it yourself.

Condo Owner Responsibilities

As mentioned previously, there are many responsibilities that come with being a condo owner. For one thing, you will likely have a larger financial obligation each month with your mortgage payment. Typically, you won’t have to make a condo payment the first month you move in, so be prepared for your first payment. It’s not uncommon for your lender to sell your loan to another company, so don’t be worried. You will make your monthly mortgage payment to this new company. Your loan provider will apply your payments toward real estate taxes, escrow reserves and any applicable hazard insurance (flooding, etc).

Mortgage and Interest Rates

Depending on the type of mortgage you choose, your payments may increase over time. This is common with adjustable rate mortgages. Your lender will send you a year-end interest statement and account history for you to review. This information will come in handy when you file your taxes, as you can make appropriate deductions for interest and any real estate taxes you paid during the year.

Maintaining Good Credit

If you can, it’s a good idea to sign up for automatic billing with your mortgage lender so you don’t miss any payments. One of the most important credit factors will be paying off your mortgage on-time. No other debt should come before your mortgage, ever! Falling behind on your payments can cause irreparable damage which could lead to foreclosure in extreme situations. If for any reason you do find yourself behind on your payment, contact your lender immediately to keep them apprised of the situation.

Now you know the ins and outs of your responsibilities as a condo owner. Again, congratulations on your new condo!

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