As one of the basic needs of life, buying a new home creates a whole new experience and comes with excitement for the entire family. The change of environment, the reality of having a new space, and a sense of accomplishment make new homebuyers so satisfied and happy that they all they focus on is renovations and changing the home’s furniture, fittings, and other appliances. As a result of the excitement, they ignore certain mandatory steps they need to take after buying the home.

We spoke with Miles Markovic from Hotline Mortgages, who gave some great insights on things that are often set aside and forgotten during the excitement of home ownership.

Here are 5 things that are overlooked after buying a new home:

1. Insurance – Home and Mortgage

After buying a new home, the first step you should take is getting insurance that will protect your investment and other properties in the home. You can bundle your new home insurance with existing car insurance policy. Insurance may seem expensive but it is a prudent way of saving costs. Your mortgage bank or lender may offer you mortgage insurance but you can investigate possible options to come out on top.

Speaking with AWealth, they say mortgage insurance is a common thing overlooked when buying a new home. It isn’t shiny and tangible, but the benefits and peace of mind are definitely of great value.

2. Waterproofing the Basement

After buying a new home, have a professional check the integrity of the basement waterproofing, even if the home is not in a flood zone. This is important to prevent water from penetrating the basement of the building to cause damages to its foundation. The process could involve installation or repairs of drains and sump dump and application of sealant.

We talked with the team at DrainTony, and they let us know that by doing a simple basement waterproofing checkup and applying prevention techniques before a flood or leak happens can save a ton of money in the future.

3. Check the Insulation in the Attic

Check if the insulation in your attic is adequate and not damaged. If the insulation seems to be damaged, you have to install new installation to reduce energy consumption for heating or cooling the home. Homeowners are encouraged to better insulate their homes.

Related Article: The Biggest Regrets in Real Estate

4. Install of Energy Efficient Appliances

Install energy efficient appliances to save a lot of money on energy use over a long time. Install LED bulbs in the kitchen, living room, basement, and other areas where lights may be in use for long periods. Install an automatic thermostat to regulate your home’s temperature. Also, buy a refrigerator and electronics that use little energy and last for a long time; it may be costly to pay upfront but it will pay off with reduced energy bills over time.

5. Develop a Home Maintenance Checklist

While still feeling excited about the newly bought home, you need to create a home maintenance checklist. List regular maintenance tasks to do every month, quarter or year. Run through this list often to extend the life of the home and other appliances and save money.