Have you bought a home or are in the process, but not sure what happens after you sign on the dotted line? You’re not the first one, so I decided to start a new video series where I take you through what to do after buying a house. In this video I go over how to set up utilities, which ones need to be set up by yourself and what to expect.
Last video, I discussed real estate lawyers, what do they do and how much they cost, if you missed this video, no worries, just click, Real Estate Lawyers, now get ready to learn about setting up utilities!
Have a question about this series or anything I’ve mentioned in the video? Make sure to send it to me and I will answer your questions during my next video. (video transcription available below)
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Haven’t bought a house yet, but are thinking about it? Then click on Buying A Home Process, Step By Step.
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Hey Everyone! It’s the Realty Queen and I’m back with my next video in my series: You Bought A House, Now What? Today we’re going to be discussing utilities, which ones you need to set up and which ones you don’t. On closing date, automatically the property taxes and your water account will get transferred in your name and basically how property taxes work is you either will get billed by the city, it’s usually about 4 times a year for your property taxes or, if your lender stipulates that you have to pay it with your monthly mortgage payments every month and then they pay it on behalf to you to the City. With the water bill, usually comes about twice a year, it comes once at the beginning of the year and once halfway through and you just pay it directly to the city. So now the two utilities that you do have set up are hydro which is electricity and gas which is your heat so let’s talk about hydro first. So with hydro, when you are setting up a new account, you can do so over the phone at 416-542-8000 or you can also do it online as you can see here and that’ll probably save you a lot more time. Now what entails with setting up a new hydro account is you would have to give a security deposit if you are a brand new customer and that’s going to cost you around $250 which is a lot of money especially when you close on a property. So, to avoid that, you can either a. If you had a previous hydro account you can get them to look up your payment history and if you have good payment history then they’ll waive the security deposit. 2 or b you can send it in a recent credit check showing that you have good credit and that you pay your bills on time 3 or c you can send them a reference letter from another utility company showing that you have good payment history and lastly what you could do is set up pre- authorized payments so they can just take out the account or the monthly bill every month. Another cool feature about Toronto Hydro is you can set up something called “my Toronto hydro” and it is online as well, you can see there’s a screen shot there. Now basically what that allows you to do is, it allows you to view your bills online as well as your consumption. It allows you to perform any moves if you happen to be moving and if you’re a landlord it also allows you to look at what your tenants are consuming and as well as their billing costs. So really, it’s a great tool and it’s online, it’s really user friendly and all you have to do is just come up with a username and a password. Now moving on to gas. So you’re going to need to set up a new account with Enbridge and again you can do so either on the phone which is 1-877- ENBRIDGE or you could also do so online and again that will save you lots of time; as you can see there’s a screen shot of how you go about just putting in some basic information. Now the same thing goes as with hydro. You are going to have to give a security deposit and that can be avoided the same way either giving a. A recent credit check, signing up for preauthorized payments or giving a letter from a previous utility company showing good payment history or like I said if you had a previous Enbridge account you can just get them to look it up and make sure that you had good payment history with them. They will also charge you a $25 account setup fee which is a onetime fee that will show up on your first bill. Now the last thing you need to know about Enbridge gas is that unless you specify, they will put you on what’s called the BBP which is a budget billing plan and what that is, it’s actually pretty good especially if it’s the first time your owning a home and basically what it does is it charges you predictable monthly payments over the course of the year because of the fact that in the winter time, usually your bills tend to be higher and they don’t want to have any surprise – you don’t want to have any big surprises of massive Enbridge bills so they kind of charge you slowly throughout the year to make sure you get through the winter months without any big surprise. Now you don’t have to be on the BBP, but you do automatically get put on it unless you choose to opt out of it and if you do choose to opt out of it then you are just paying for what you’re using and honestly, I think for first time home buyers it’s a great plan to be on and then you can kind of see how you’re using your gas which is your heat in your home. So that’s about it from me and that’s all you need to know about utilities. So if you have any questions, you can always hit me up on twitter @RealtyqueenTO, you can either send me a question also on my facebook page at facebook.com/realtyqueentoronto and you check out useful tips and tricks and information about real estate on my blog at www.realtyqueento.com. So make sure to come back here next time when we are going to be talking about home insurance and how to set that up and also of course, you know I would love if you would subscribe to my channel. All you have to hit is the button floating somewhere there above. We’ll see you here next time.