What to Do After You Sell Your Home
Selling your home isn't always easy. It's a long process, and once you get through it, you might wonder, "now what?"
First and foremost, take a moment to breathe a sigh of relief, and acknowledge your accomplishment. Selling a home is a major milestone, and it's worth celebrating. Once you've done that, it's time to consider what comes next.
- Get Ready for the Inspection
Some homeowners forget that a home inspection will be conducted before all the final contracts are signed on closing day. It shouldn't be a big deal. Just make sure your house is clean and up to code, and be prepared to stay out of the way on inspection day.
- Save All Your Paperwork
By the time you've finished selling your home, you'll probably never want to look at paperwork again. But don't make the mistake of throwing it away. You'll need the paperwork related to selling your house for tax purposes, and for obtaining a loan to buy your next home. So get a sturdy file box to store it in, and tuck it away somewhere you know it will be safe.
- Know the Tax Laws
Tax laws are always changing, so it's important to stay current to avoid losing money on the sale of your home. It's always advisable to work with a tax professional if you've sold your home this year, even if you normally file your own taxes.
- Get Moving
Most people sell their home while they're still living there. If that's the case, it's time to get the moving process underway as soon as a closing date has been determined. Find a reputable moving company, go through your home to determine what you can throw out or donate, stock up on moving supplies, and get packing!
- Choose Your Next Home Carefully
If you sold your old house without having your next one lined up, that's okay. Take your time, and don't feel pressured to buy another home right away. The most important thing is to make sure your next home offers everything your family needs. There's nothing wrong with renting for a while so you can take the time to find your dream home. Or if you are able purchase your new home first. Ask Carl about the strategies of purchasing your new home first. This could be a great option.
- Update the Post Office
It's best to schedule mail forwarding in advance, but if you didn't do that while your home was on the market, be sure to do so now. It's also best to separately notify your bank and credit card companies of your change in address. If you're in a temporary rental situation or haven't closed on your new home yet, you can always rent a PO box or ask the post office to hold your mail.
- Change Your Utilities
You'll need to cancel your old utility accounts as you move out of your old home. We recommend cancelling them on the day after settlement meeting. If you're also moving into a new home or getting ready to do so, you may just want to put these accounts on pause before transferring them to your new place.
- Be Smart with the Money
If you haven't sold a home before, you're probably not getting checks worth hundreds of thousands of dollars. That in itself can be intimidating, and it's important to pick the right place to put that money. If you are wiring money please note that Real Estate is one of the top targets for wire fraud. Please click here to read this article for more info. If you're planning on using it to buy your next house in the relatively near term, a money market mutual fund might be the best option.
Many homeowners go into the process of selling their home focused only on how to selling but not on what happens afterward. Once your home has been sold, the hardest part may be behind you, but taking these final steps will help avoid any last-minute hang-ups.
CLICK HERE to learn about the top 3 upgrades for entertainment areas in your home!