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6 Things to do After You Sell Your Home

2 Mins read

Selling any big items is not something we get excited about. Big items have a higher price tag, therefore, people are more cautious and careful when making the purchase decision, which means longer selling time.

Things like a home which can cost up to millions of dollars can take months or years to sell. Selling a home is also a process that can cause you tons of stress—random people come to view your house all the time, and at times you can feel like there is no privacy. 

What’s more, you might have to spend lots of time corresponding with the real estate agent or the potential buyers, and face the stress that the buyer party pulls out at the last minute. You finally feel relive after you have sold your beloved home.

But it is not done yet, there are still things you need to do to close the deal. Continue to read below and find out what those things are.

Keep All the Copies of All Paperwork

After you finally sell the home, as tempting as shredding the paperwork may seem, don’t do it just yet.

When you file your taxes, you are going to need them for the expenses and proceeds of the sale. In addition to tax purpose, having the paperwork at hand is also helpful in case you are audited.

You will need to transfer the property, and likely you will need to consult a conveyancing solicitor for that. In that case, you will need your paperwork too.

tax paper

Stay On Top of Tax Law

Tax regulation and law constantly change, staying on top of it prevents you from losing money.

Put Your Proceeds in a Money Market Fund

After you sell, don’t immediately buy. Put your money into a money market mutual fund, it offers safety and a reasonable rate of return.

new home

Choose Your Next Home Carefully

There is no need to rush into buying another home just to fill the place. Look around the areas and options and choose the best one that meets you and your family’s need.

Don’t feel pressured to buy, allow yourself extra time to find another great home. There is nothing wrong to rent for a while before you buy a home again.

Look at Your Finances Again

After you sell, you should start looking at your finances again especially if your situation changes—you get promoted at work, your partner gets pregnant, or you might end up getting a divorce with your partner.

Rethinking your finances and situation will give you a clearer picture of what you have got for your next house.

Think About What You Need From an Agent to Help You Buy

The agent who helped you sell might be a great one and you trust him, you might not want to use the same person when you buy. Selling and buying property requires different skills.

Someone who’s good at selling might not be good at buying. When you buy, looking for an agent that is familiar with the area is recommended.

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