Settlement and early ownership
Your first week as a homeowner
Locks, safety checks, utilities, records and the first repayment — an organised first 48 hours and first week.
- Change or re-key external locks immediately — you can't know how many old keys exist.
- Check each smoke alarm's manufacture date, not just whether it beeps — Victoria requires replacement every 10 years, and the cost falls on the new owner.
- Photograph meter readings and locate water/gas/electricity shut-offs before you need them.
- Notify the owners corporation of the ownership change if the property has one.
- Set up investor record-keeping from day one rather than reconstructing it later.
First 24–48 hours
Change external locks or have them re-keyed — you have no way of knowing how many sets of keys exist from before. Reset any alarm and garage-door codes. Test smoke alarms — and check the manufacture date printed on the back of each unit, not just whether it beeps: Victorian smoke alarms must be replaced every 10 years from manufacture, and an old alarm can still pass a button test while responding too slowly in an actual fire. Responsibility and cost for an expired or non-functional alarm sits with you as the new owner from settlement. Locate the water, gas and electricity shut-offs before you need them in an emergency. Photograph meter readings on the day you take possession, in case of a billing dispute later. Inspect for any new leaks or urgent safety issues not visible at the final inspection. Confirm utilities are connected in your name.
First week
Confirm council and water-authority records show you as the new owner. If the property has an owners corporation, notify the manager and confirm your contact details are updated. Review any inspection or building-report notes and prioritise urgent repairs over cosmetic ones. Retain warranties and appliance manuals left by the seller. Confirm your mortgage account and, if applicable, offset account are set up correctly, and note your first repayment date. Update your address on official records and redirect mail. If the property has an NBN or other internet connection, confirm the equipment present and arrange your own service.
First month
Confirm with your conveyancer when the transfer's registration in the Victorian Register can be verified, if you need to check. Store your settlement statement, duty statement, contract and any reports somewhere durable — you'll want them for tax, insurance or resale purposes later. Start a genuine maintenance schedule rather than reacting only when something breaks. Review your insurance now that you have final figures, not just the pre-settlement estimate. If you're an investor, set up your record-keeping for tax and depreciation purposes from day one rather than trying to reconstruct it later.
Worked example
A new owner spends their first evening testing smoke alarms (two need batteries), locating the water mains shut-off (useful two weeks later during a tap repair), and photographing the electricity and gas meter readings. In their first week they notify the owners corporation of the ownership change and confirm the building manager has their contact details, avoiding a missed notice about an upcoming AGM.
Practical checklist
First 48 hours and first week
- Change or re-key external locks; reset alarm and garage codes
- Test smoke alarms and locate utility shut-offs
- Photograph meter readings
- Notify the owners corporation and confirm council/water records
- Confirm mortgage/offset setup and your first repayment date
- Store the settlement statement, duty statement and contract somewhere durable
Questions for a professional
- Is there anything specific to this property I should prioritise in the first week?