Your first year as an owner

First-year homeowner checklist: month by month

The first year of owning a home brings a stream of mail, maintenance and small surprises. Most of it is routine. A few items, such as a servicer change or an escrow shortage, are easy to handle if you expect them and costly if you do not.

Reviewed November 2026 · Written for Buy Home Tips from the sources listed below

The day you get the keys, your role changes from buyer to owner, servicer customer and taxpayer of record. This checklist runs through the first year in order.

Example repair fund build-up in year one. Illustrative monthly saving of $250 from this guide

Weeks 1 and 2: secure and set up

Start with safety: new locks, new codes, working alarms, and knowing where to shut off water, gas and power. Then set up your payment. Your first payment date is on your Closing Disclosure; autopay through your servicer avoids a missed first payment during a busy move.

If your inspector recommended a radon test and one was not done before closing, do it now. EPA provides guidance on testing and fixing radon problems.

Month 1: organize records

Keep one folder, paper and digital, for:

Closing Disclosure, note, mortgage or deed of trust, and deed
Owner's title insurance policy
Homeowners and flood insurance policies
Inspection reports and repair receipts
Warranties and appliance manuals
Receipts for improvements

IRS Publication 530 explains how records of what you paid and what you improved affect your basis, which matters when you sell. Keep improvement receipts for as long as you own the home and beyond.

Months 2 to 6: watch the mail

Scam mail. New owners receive official-looking offers, including for copies of the deed. Check before you pay anyone.

Servicing transfers. Your loan may be transferred to another servicer. Under 12 CFR 1024.33, the old servicer generally must notify you at least 15 days before the transfer and the new one within 15 days after. For 60 days after the transfer, a payment received on time by the old servicer cannot be treated as late. Confirm any change through the notices, not through an unsolicited call or email.

Property tax bills. If you have escrow, the servicer pays them. Still, open each bill and check that your homestead or other exemptions are applied, if your area offers them.

Months 9 to 12: the escrow analysis

Your servicer reviews your escrow account each year. Under 12 CFR 1024.17, the servicer can keep a cushion of no more than one-sixth of the estimated annual escrow payments. If the analysis shows a shortage of less than one month's escrow payment, the servicer can let it stand, ask you to pay within 30 days, or spread it over at least 12 months. Larger shortages and deficiencies have their own rules. Expect your payment to change if your taxes or insurance did.

All year: maintenance and a repair fund

Change furnace filters on schedule, clean gutters, test alarms, and keep drains clear. Make a seasonal list from your inspection report. Set a monthly amount aside for repairs, and use the calculator to see how quickly it builds.

At the one-year mark

Review your homeowners insurance renewal and shop it if the price jumped. Check whether any mortgage insurance can be removed later and what it will take. And update your list of projects for year two.

Mini calculator: months to your cash goal

Add the down payment, closing costs and a cushion, then see how long your monthly saving takes to get there.

Total cash goal ($)

Already saved ($)

Monthly saving ($)

Enter your figures to see the result. Nothing you type leaves this page.

This ignores interest, so a savings account that pays interest gets you there slightly sooner.

First week

Change or rekey exterior locks and reset garage codes.
Find the main water shutoff, gas shutoff and electrical panel.
Test smoke and carbon monoxide alarms; replace batteries.
Set up autopay for your mortgage, or calendar the due date.
Store your closing documents in one safe place, with a digital copy.
Note filter sizes and the water heater and furnace ages.
Schedule any repairs from your inspection report.

Questions buyers ask

What should I do first after buying a house?

Secure the home by changing locks and codes, find the shutoffs, test smoke and carbon monoxide alarms, set up your mortgage payment and file your closing documents.

What documents should I keep after closing?

Keep the Closing Disclosure, the note, the deed, your title policy, inspection reports and records of improvements. IRS Publication 530 explains why records of your home's basis and improvements matter when you sell.

Why did my mortgage payment change?

Often because of escrow. Your servicer reviews the escrow account each year, and changes in property taxes or insurance can raise or lower the payment.

What if my mortgage is transferred to a new servicer?

Federal rules require notices, generally at least 15 days before the transfer from the old servicer and within 15 days after from the new one. For 60 days after the transfer, a payment sent on time to the old servicer cannot be treated as late.

Sources checked for this page

Checked November 2026. Programs and limits change; confirm with the source before you rely on a figure.