diff --git a/fsmonitor/win32.py b/fsmonitor/win32.py
index 13f819b..645ab72 100644
--- a/fsmonitor/win32.py
+++ b/fsmonitor/win32.py
@@ -119,6 +119,7 @@ def __del__(self):
             self.close()
 
     def close(self):
+        self.remove_all_watches()
         if self.__cphandle is not None:
             win32file.CloseHandle(self.__cphandle)
             self.__cphandle = None
@@ -129,11 +130,11 @@ def add_dir_watch(self, path, flags=FSEvent.All, user=None, recursive=False):
             watch = FSMonitorWatch(path, flags, user, recursive)
             with self.__lock:
                 key = self.__last_key
-                win32file.CreateIoCompletionPort(watch._hDir, self.__cphandle, key, 0)
                 self.__last_key += 1
-                read_changes(watch)
                 watch._key = key
                 self.__key_to_watch[key] = watch
+            win32file.CreateIoCompletionPort(watch._hDir, self.__cphandle, key, 0)
+            read_changes(watch)
             return watch
         except pywintypes.error as e:
             raise FSMonitorWindowsError(*e.args)
@@ -141,24 +142,28 @@ def add_dir_watch(self, path, flags=FSEvent.All, user=None, recursive=False):
     def add_file_watch(self, path, flags=FSEvent.All, user=None):
         raise NotImplementedError()
 
-    def __remove_watch(self, watch):
+    def remove_watch(self, watch):
         if not watch._removed:
+            watch._removed = True
             try:
-                watch._removed = True
                 close_watch(watch)
                 return True
             except pywintypes.error:
                 pass
         return False
 
-    def remove_watch(self, watch):
-        with self.__lock:
-            return self.__remove_watch(watch)
-
     def remove_all_watches(self):
         with self.__lock:
-            for watch in self.__key_to_watch.itervalues():
-                self.__remove_watch(watch)
+            watches_to_close = []
+            for watch in self.__key_to_watch.values():
+                if not watch._removed:
+                    watch._removed = True
+                    watches_to_close.append(watch)
+        for watch in watches_to_close:
+            try:
+                close_watch(watch)
+            except pywintypes.error:
+                pass
 
     def enable_watch(self, watch, enable=True):
         watch.enabled = enable