Your first year of ownership

Week 1 - settle in, lock the basics

• Change every lock or rekey. About $80-150 for a locksmith.
• Locate water shutoff, gas shutoff, and electrical panel. Label them.
• Test every smoke and CO detector. Replace batteries.
• HVAC filter - replace immediately. Set a calendar reminder every 60-90 days.
• Document everything. Take a video walking through every room. Insurance gold if anything happens.

Month 1 - file the homestead exemption

This is the single highest-ROI hour you will spend as a Texas homeowner. The general residence homestead exemption removes $100,000 from your home’s appraised value for school district taxes and caps annual appraisal increases at 10%.

• File with your county appraisal district (CAD). Online for most counties. Free.
• Deadline: April 30 of the tax year. File the year you buy if it’s your principal residence as of January 1 - or as soon as you take possession.
• If you’re 65+, disabled, or a veteran: additional exemptions stack. Don’t leave them on the table.
• Typical savings: $500-$3,000+ per year, every year, for as long as you own.

Months 2-3 - set up the tax-and-insurance reality

• Review your escrow account. Your initial escrow setup was an estimate. After January, your county sets actual taxes - and your escrow can balloon.
• Shop your homeowners insurance at renewal. The agent who sold you the closing policy isn’t necessarily the cheapest at year two. Get 3 quotes 60 days before renewal.
• Sign up for property tax notifications from your appraisal district - protest deadlines arrive in May.

Month 4-5 - protest your appraisal (if it went up)

Texas appraisal notices typically arrive in April. You have until May 15 (or 30 days after notice) to file a protest. Texas homeowners who protest win about 50% of the time - averaging $400-$1,200 in annual savings.

• File the protest online with your CAD. Free.
• Use comparable sales (comps). Pull from Zillow, Redfin, or your agent.
• Photo evidence of issues - foundation cracks, deferred roof, dated kitchen, drainage. Bring the file to the informal hearing.
• Consider a protest service (Ownwell, ProTax) if you’d rather not DIY - typical fee is 25-40% of first-year savings, only paid if you win.

Months 6-9 - payment optimization

• If you have PMI: request cancellation when you hit 20% equity based on original purchase price. Use the PMI drop-off calculator to time it.
• Refinance check: if rates drop 0.75%+ from your lock, run the refinance break-even calculator.
• Recast option: if you have an inheritance, bonus, or sale proceeds, ask your servicer about a recast. ~$250 fee, lowers your payment without a refi.
• One extra principal payment per year on a 30-year cuts roughly 4 years and tens of thousands in interest. The easiest path: split your payment in two, paid bi-weekly - automatically results in 13 monthly equivalents per year.

Months 10-12 - maintenance & tax-year close-out

• HVAC service - fall tune-up. About $90-150. Heads off the December failure.
• Foundation watering in Texas summer. A soaker hose 18" from the slab, run an hour every 4-7 days, prevents the foundation cracks that destroy resale.
• Gather your 1098 (mortgage interest), 1098-T if MCC, Form 8396 for MCC credit, and your property tax receipt.
• If you have an MCC: you can adjust your W-4 withholdings to capture the credit monthly instead of waiting for refund. Most buyers don’t - leaving the cash with the IRS interest-free all year.
• Itemize check: with $100k homestead exemption and the 2017 SALT cap of $10k, many Texas homeowners take the standard deduction. Run the math both ways.

Maintenance budget rule of thumb

Plan on 1% of purchase price per year for maintenance (older homes: 2-3%). On a $325,000 Texas home, that’s $3,250 you should be quietly setting aside in a high-yield savings account every year. Roof, HVAC, water heater, and foundation are the big four.