You Got the Keys — Now What?

Congratulations — you closed! The hard part is over, right?

Well… kind of. The truth is, the weeks after closing come with a surprisingly long to-do list that nobody hands you at the closing table. Miss a few of these, and it could cost you real money.

Here's what to tackle in your first 90 days.

 

File for Your Homestead Exemption — Don't Skip This One

This is the most commonly overlooked step new homeowners take — and it's one of the most valuable.

In Rhode Island, most cities and towns offer a homestead exemption that reduces the taxable value of your primary residence. The savings vary by town, but they're real and include:

-       Providence

-       Warwick

-       Cranston

-       East Providence

-       Woonsocket

-       Central Falls

-       Johnston

-       Lincoln

-       North Providence

-       Narragansett

-       West Greenwich

 

In Massachusetts, it includes:

-       Boston

-       Cambridge

-       Worcester

-       Brookline

-       Chelsea

-       Marlborough

-       Somerville

-       Waltham

-       Watertown

-       Nantucket

-       Tisbury

 

File as soon as possible after closing. In most RI towns, you apply directly through your local tax assessor's office. In MA, you file with the Registry of Deeds in your county.

 

Change Your Locks and Review Your Insurance

This sounds obvious, but many new homeowners never do it. You have no idea how many copies of those keys exist from previous owners, agents, contractors, or tenants. A new lock set costs $50–$200 and is worth every penny.

On insurance — your lender required you to have a policy to close, but that doesn't mean it's the right policy for you. Review your coverage now that you're settled:

• Is your dwelling coverage equal to what it would cost to rebuild your home (not just its market value)?

• Do you need flood insurance? In coastal RI and southeastern MA, this is often overlooked until it's too late.

• Are your valuables — jewelry, electronics, art — covered under your current policy?

 

Transfer Utilities and Update Your Address

Sounds simple, but the list is longer than most people expect:

• Electric, gas, water/sewer

• Internet and cable

• USPS mail forwarding

• Driver's license and vehicle registration

• Voter registration

• Bank accounts, credit cards, investment accounts

• Health insurance and employer records

• IRS — you can update your address using Form 8822

Missing the IRS update is one people commonly forget — and it can cause headaches if a refund or important notice gets sent to your old address.

 

Know Your First Tax Deadline

In Rhode Island, property taxes are typically billed quarterly, with the first bill often arriving within 60–90 days of the tax year start. Your escrow account should handle this — but verify with your mortgage servicer that escrow is set up correctly and funded, especially if you closed mid-year.

In Massachusetts, property taxes are billed quarterly as well. New owners sometimes get caught off guard when a bill arrives in their name for the first time — don't let that be you.

Pro tip: Log into your mortgage servicer's portal and confirm your escrow balance looks right. If your lender did a post-closing escrow analysis and it's short, they'll either raise your monthly payment or send you a bill — better to know now than be surprised.

 

The Bottom Line

Nobody sits you down and walks you through this stuff — but taking care of these basics in the first 90 days protects your investment, your finances, and your peace of mind.

If you have questions about anything above, or want a referral to a great local tax assessor, insurance agent, or attorney — reach out. That's what I'm here for, long after the closing table.

 

Written by: David Cherry – Life By Design Homes powered by Real Brokerage