In this series of blogs, we’ve discussed some important issues when it comes to selling your home quickly, including things not to say to any prospective buyers and things that could potentially slow your selling process. In this last leg of the series, we’re going to cover what to do once your home has sold. First, celebrate! Enjoy the fact that the selling process has come to a close. Next, consider the following advice.
Keep all of your paperwork.
Although it might be tempting to shred the paperwork or put it in storage, you’ll want to have it handy for April 15. When you file your taxes, you’ll need documentation for the expenses and proceeds of the sale. After you file your return, you’ll want to keep the paperwork in case you’re audited, recommends Realtor.
Keep your receipts.
If your home sale includes capital gains, you’ll definitely want to keep any home improvement receipts you made while you were in the home. To write off these costs during the coming tax season, you’ll need proof of purchase for everything.
Be wise about storing your money.
If you have a new home in mind, you won’t need to worry about where to put your money in the interim. However, if you’re still searching for a new place, you’ll need to keep your money in a safe place. A money market mutual fund offers safety, a reasonable rate of return, daily access to your money and check-writing privileges.
Don’t rush into a home sale.
You might be antsy to set down more roots, but it’s okay to take your time and wait to find the perfect house to meet you and your family’s needs. Consider a short-term (or long-term) rental to house your family while you search.
Be realistic about finances.
Whatever the reason for your home sale, it’s time to be realistic about your finances. If you’re having a baby and need more space, or if you’re simply trying to downsize, take a close look at your finances and how much you can really afford in your new home.
Get your down payment in order.
This might be easier for you since your home is already sold, but putting at least 20 percent down on your next house will allow you to qualify for the best mortgage rates and programs. It’s also wise to let your current Glen Rock Home Insurance policy carrier that you’ve sold your home and are looking for your next one.
Find a qualified realtor.
Typically, buying and selling homes requires different skill sets. If your past realtor is more experienced with selling rather than buying, it’s worth taking the extra time to find a new realtor to help you in your home search.
About David G. Sayles Insurance Services
At David G. Sayles Insurance Services, we strive to protect the investments of homeowners like you. Our comprehensive policies are customized for you to provide the exact coverage you need. For more information, contact us today at (800) 439-0292.