New home(December closing) - things to do

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pdanet
Posts: 26
Joined: Wed Feb 08, 2017 3:29 pm

New home(December closing) - things to do

Post by pdanet » Wed Jul 12, 2017 1:57 pm

We have an existing home and most likely will turn it into Rental once we move into the new home sometime in December this year and I need some assistance to ensure that am covering my bases.

60 days before closing - lock-in the mortgage rates.
10 days before closing - contact utility companies to turn-ON services on XYZ date.
01 day after closing - Apply for homestead exemption for property taxes.

10 days after closing - contact below companies and change address
[*]Credit card companies
[*]Bank/Credit Unions
[*]Brokerages/401K/IRA(such as Vanguard, T.Rowe etc)
[*]Auto Insurance
[*]Home Insurance
[*]Phone/Cable/Internet Service providers
[*]DMV
[*]USPS
[*]VOIP providers for 911(such as Vonage, OOMA etc)
[*]Update Voter registration
[*]AAA and other such services
[*]Warehouse clubs such as BJs, Costco
[*]HR @ Employment
[*]Subscription services(Magazines, Newspaper, Amazon subscribe & save)
Did I miss anyone else?

10 days after move-in to new home - Hire painters, cleaners to prep existing home for rental.
15 days after move-in - List the property for rental.
00 days after existing home becomes a rental - contact utility company to change ownership to new tenant.

Also, are there things that we need to be doing now or doing it sooner than later? In essence, am looking for a checklist :happy
Last edited by pdanet on Thu Jul 13, 2017 7:24 am, edited 1 time in total.

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Watty
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Joined: Wed Oct 10, 2007 3:55 pm

Re: New home(December closing) - things to do

Post by Watty » Wed Jul 12, 2017 9:38 pm

It would be good to get professional tax advice on keeping your current house as a rental. The taxes on a residence that is converted to a rental are trickey with the way depreciation and any improvements are handled. The way that the taxes work out will likely determine if keeping the rental makes sense or not.

A rental property is a business that is worth a couple of hundred thousand dollars so you should treat it like a business and have a written business plan that includes several exit stragaties.

If you have significant capital gains in your current house it will be harder to justify keeping it as a rental. The problem is that you will likely qualify for the homeowners capital gains exclusion now but if you keep it as a rental for more than a few years you will lose that.

mega317
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Joined: Tue Apr 19, 2016 10:55 am

Re: New home(December closing) - things to do

Post by mega317 » Wed Jul 12, 2017 11:24 pm

IIRC my mortgage rate was locked for 30 days. No idea what's normal.
I'd give the utilities a little more time if they need to actually DO anything like install a dish or run cable. I had no internet for 2 weeks!
You didn't specifically list brokerages for change of address. I actually had a difficult time getting my address changed with my 403b.
Why not get painters in there on day 1?

bluebolt
Posts: 553
Joined: Sat Jan 14, 2017 9:01 am

Re: New home(December closing) - things to do

Post by bluebolt » Thu Jul 13, 2017 3:39 am

Other thoughts:
Address changes - frequent flier programs, auto-toll transponder (EZpass, etc.), IRS/EFTPS, doctor's office(s), mail order prescriptions. If you have VOIP phone service (Vonage, etc.), make sure to change your 911 address.

Movers - make appointment with movers. Some require reservations far in advance.

Try to take care of things that are easier in an empty house prior to moving in - painting, floor refinishing, electrical work, etc.

Moving permits - if you live in a city, you may need to secure a permit for the moving truck parking

Depending on the condition of your new home, you may want to have it professionally cleaned before moving in

Are all window treatments in place? You may want to have them installed prior to move-in. Or at least high priority ones like master bedroom.

Will you need any new furniture for your new place? Do you have measurements available to make it easy to find items that fit?

Consider whether there's any work you want done to the new place prior to move in. New vanity in the bathroom? New dimmer switches? New lighting fixtures? A new water heater? Etc.

Are there any new tools you need for the new house you didn't need in the old one?

pdanet
Posts: 26
Joined: Wed Feb 08, 2017 3:29 pm

Re: New home(December closing) - things to do

Post by pdanet » Thu Jul 13, 2017 7:23 am

Watty wrote: A rental property is a business that is worth a couple of hundred thousand dollars so you should treat it like a business and have a written business plan that includes several exit stragaties.

If you have significant capital gains in your current house it will be harder to justify keeping it as a rental. The problem is that you will likely qualify for the homeowners capital gains exclusion now but if you keep it as a rental for more than a few years you will lose that.
Home has not appreciated in the last 15 years. Bought it for 225K and now zillow/redfin estimates are around 240K range and accounting for realtor expense(if we sell) - it will be a wash so not concerned about capital gains.

Regarding business plan - thanks for that suggestion, hadn't thought about it that way.

mega317 wrote:IIRC my mortgage rate was locked for 30 days. No idea what's normal.
I'd give the utilities a little more time if they need to actually DO anything like install a dish or run cable. I had no internet for 2 weeks!
You didn't specifically list brokerages for change of address. I actually had a difficult time getting my address changed with my 403b.
Why not get painters in there on day 1?
I'ts not day 1 as we intend to move slowly over a 2 week period since the new home is within driving distance of the existing home.

Thanks for the note regarding brokerage, I'll update the master list.
bluebolt wrote:Other thoughts:
Address changes - frequent flier programs, auto-toll transponder (EZpass, etc.), IRS/EFTPS, doctor's office(s), mail order prescriptions. If you have VOIP phone service (Vonage, etc.), make sure to change your 911 address.
Thanks. I didn't think about IRS since I figured they will get my new address when I do my taxes next year and if they do send anything, will USPS NOT forward them?

Also, do we know how long USPS will continue to forward mail? upto 6 months? 1 year?

Smorgasbord
Posts: 148
Joined: Fri Jun 10, 2016 8:12 pm

Re: New home(December closing) - things to do

Post by Smorgasbord » Thu Jul 13, 2017 8:10 am

Here is the rental inspection checklist from my town. Go through it and correct any issues with your current house before you get into the chaos of moving.
http://www.westlafayette.in.gov/egov/do ... _55023.pdf

pdanet
Posts: 26
Joined: Wed Feb 08, 2017 3:29 pm

Re: New home(December closing) - things to do

Post by pdanet » Mon Jul 17, 2017 6:59 am

Smorgasbord wrote:Here is the rental inspection checklist from my town. Go through it and correct any issues with your current house before you get into the chaos of moving.
http://www.westlafayette.in.gov/egov/do ... _55023.pdf
Thanks

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Sheepdog
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Location: Indiana, retired 1998 at age 65

Re: New home(December closing) - things to do

Post by Sheepdog » Mon Jul 17, 2017 7:22 am

Landscaping maintenance both properties. Snow removal in your area? Termite inspection and prevention.
People should not say everything they think. They should think about everything they say.

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