If you have recently sold your home, congratulations! You may be feeling very relieved and ready to finally relax and call it a day. But if you want to save a little money and increase your peace of mind, there are still a few more things you should do after the sale has gone through.
1. Be sure to keep copies of all the paperwork related to the closing and settlement, and keep them in a safe place. If you are the type who absolutely cannot stand clutter or having paperwork around, you may be tempted to shred it or put it in storage, but bear in mind that you will need those documents for when you file your taxes. You will need to show documentation for both the proceeds and expenses of the sale. Even after you file your tax return, it is still a good idea to keep the paperwork handy in case you are audited.
2. Consider putting your proceeds from the sale into a money market fund. If you haven’t bought a new home yet and you don’t have plans to immediately buy one, you will need a safe place to put the money from your recent home sale. A money market mutual fund offers safety, a reasonable rate of return, daily access to your money and check-writing privileges.
3. Reevaluate your personal finances. After selling your home, you may be feeling very “rich,” but the truth most people don’t have the luxury to go on a spending spree after making a sale on their home. Take the time to carefully review your finances and calculate how much you can afford to pay for your new house if you are planning to buy one.
4. Don’t forget to send change-of-address notices. According to the U.S. Postal Service, it would be best to complete your change of address 30 days before you move.
If you are planning to sell your home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
