Real Estate – After the Sale

1 Nov

Now that your property has been sold, you may feel relieved and finally have that peace of mind.
And while there is nothing wrong with that, experience suggests there are more things that are waiting for you. Finding a buyer and closing the deal is not the end of the process.

The moment you sell your property, consider the following suggestions:
• Keep all your related documents to the sale of the property. Putting these papers through the shredder may be very tempting. In as much as you want to get rid of them, you would want them to be accessible when you file your taxes. Filing of taxes requires records of your expenses and proceeds out of the sale. When your return has been filed, you still need to keep those documents for auditing purposes.
• Aside from the sale-related documents that you will need to keep, evidence of all improvements and purchases must be kept for tax purposes. You are allowed by IRS to add your improvement costs to the cost of your home based on the time when you were still the owner of the house. This is an advantage in the event that you have a considerable amount of capital gain. However, to avail of such tax provision, receipts on the home improvement expenses need to be shown.
• Consider investing your cash in a recommended money market fund. In case you don’t intend to immediately purchase a new home, you have to secure and put your money in a safe place. Money market funds feature safe as well as realistic rate of return. They make your money regularly accessible to you and provide other privileges.
• Find options for your next home. Take a look at various where you can possibly find a home that meets the needs and demands of your family. But in searching for a property, don’t be pressured. For the meantime, you may opt to rent out a place first as you are still on the lookout for properties.
• Assess your financial status again, specifically when things have changed. In the event there are changes in your situation just before you purchase another house, you are advised to rethink your finances. Identify the budget you can afford for a new property. Possible changes in your situation include getting a promotion, having a baby and going through a divorce.
• You may need to connect with the agent that helped you sell your property. However, you should check if this same agent can assist you in buying. Selling is one thing and buying is another, each requires different skills.

There are many things that you will need to do after you sell your property, make sure you give proper attention to each of them.

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