So your property has sold. The the paperwork, process and negotiations are over and now its time to sit back and enjoy right? Soon, but it’s a wise idea to do a couple of things first. While it might seem like the perfect time to sit back and bask in the glory that is the end of closing now is the perfect time to make sure all of your ducks are in a row.
Just as when buying your home there is going to be an abundance of paperwork when selling your home. Keep this paperwork. There is no more important paperwork than that related to closing and settlement on your former home. This includes paperwork for improvements and upgrades to the home before the sale.
Although you may want to lighten the load for your move into your new home or time on the road make sure to keep copies of all of your paperwork handy. When you file your taxes after a home sale you need to document all of your expenses and income from the sale of the home. This paperwork is invaluable for your tax attorney in ensuring you get the highest return on your taxes without missing out on any valuable discounts.
Once your taxes are filed feel free to put this paperwork in storage. But protect it. Each year the IRS audits millions of people and they can go back up to 3 years generally. So keep this paperwork safe. And in the event of an audit you can sit back and rest knowing that all of your paperwork is safe and sound.
What to do with your newfound funds?
One of the biggest issues new home sellers face is what to do with this large influx of money. If you are selling and not immediately using the money to buy a new home then think about making that money work for you while you wait.
According to BankRate.com one of the best ways to invest your money and stil be able to use it is a High Yield Money Market Account. An account of this nature offers a reasonable return on your money, is safe, and best of all has no penalties for withdrawing and using your money. Think about what you really want.
Are you planning to have a baby in the next couple of years? Maybe you are retiring soon. Perhaps you were selling your previous home to downsize. Whatever the case may be make sure to speak to your Realtor and ensure that they know exactly what you want.
Now is a great time to take stock of your finances and examine your needs. Are you in the part of the country you want to be in right now? Would a warmer climate be better suited for you? Perhaps you just want a change of scenery.
Whatever the case may be a good Realtor will make sure you get what you want.
So, your house has sold, you have squared away your paperwork, you have invested your funds and ensured your future stability and you have worked with a certified Realtor that is perfect for you and you have your eye on the perfect future home. Now what?
Relax. You’ve earned it.