Welcome to Home Ownership

Son giving flowers to mom

All of the paperwork is signed, you have your keys and you are preparing to move in to your new home. Congratulations and welcome to home ownership! As you prepare to enter this next stage of your life, here are some things to consider that may not be on your radar.

Protect Your Investment

During your mortgage application, be sure to discuss life and disability insurance with your Cambrian Lending Specialist. While life and disability insurance is optional, it is an important financial tool, as it will cover your mortgage payments in the event of the death or disability of the mortgage holder(s). Learn more about insurance offered by Cambrian.  

Home Insurance

You never know when something will happen, so home insurance is essential to protect yourself from some of the more unpleasant things that can occur. Cambrian partners with CUMIS Insurance for our members’ insurance needs.  Get a 30-second insurance quote.

Do a Walkthrough

As soon as you get possession of your home, do a walkthrough to ensure that the appliances, electrical and plumbing are all working correctly. If you discover undisclosed issues, immediately contact your real estate agent to ensure that the previous owner covers the cost of repairs.

Set up your Utility Payments

When moving to your first home, one of the first things you will need to do is set up accounts for utilities including hydro and water, as you will be needing to use those services right away. For other services such as internet and cable, contact your provider to transfer your services from your old address as quickly as possible and be prepared to pay service installation fees if required.

Take an Inventory of What you Need

Whether you are moving to your first home, a larger home, or downsizing, it’s a good idea to take an inventory of your possessions and determine if there are any items that need to be purchased or replaced. For a first home, some of the most commonly required items are a small tool kit, snow shovel and gardening supplies.

See Things to Buy for Your Home Before You Move   

Start an Emergency Fund

If you don’t already have one, starting an emergency fund is extremely important for every homeowner. Home ownership often comes with expensive surprises like a broken furnace or other appliance. Start putting some money away into a savings account every paycheque so you’ll be able to handle the sudden expenses as they come up. 

If you want to get pre-approved for a mortgage and lock down a rate – click here