Streamlining Utilities: A Buyer's Guide
The Essential Guide to Transferring Utilities
When Buying a Property
Buying a new property is an exciting adventure, but amidst the hustle and bustle of closing your transaction, it’s easy to overlook the important task of transferring utilities. Ensuring that electricity, gas, water, and other essential services are set up is crucial for a smooth transition. In this guide, we’ll walk you through the steps to transfer utilities when buying a property.
Identify Utility Providers
The first step in transferring utilities is to identify the utility providers for your new property. Make a list of the companies that supply electricity, gas, water, sewer, trash collection, internet, cable, and phone services in your area. If you are working with a transaction coordinator, we will do this for you!
Contact Utility Companies
Reach out to each utility company to inform them of your upcoming move and schedule the transfer of services. Provide them with your closing date and the address of your new property. Be sure to ask about any required documentation or fees associated with transferring services.
Arrange for Service Activation
Coordinate with the utility companies to activate services at your new property before your move-in date. Schedule service appointments if necessary, sometimes water companies require someone home to start services.
Update Billing and Payment Information
Update your billing and payment information with each utility provider to ensure that bills are sent to your mailing address and that payments are processed smoothly. Consider setting up autopay or online billing for added convenience. Sometimes investors will have one email address that receives all of their bills for their various properties.
Confirm Service Activation
After your close date, confirm that all utility services have been successfully activated and are functioning properly. Contact the utility companies if you encounter any issues or discrepancies. Bonus note, during summer/winter it is imperative to ensure your thermostats are set to combat extreme temperatures to protect your investment.
By following these steps and staying organized throughout the process, you can streamline the task of transferring utilities when buying a property and ensure a seamless transition. With utilities up and running, you can focus on your exit strategy and move towards success with the property.
Have questions? Reach out to us and one of our transaction coordinators will answer your questions the best they can.
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