While selling your home is a big accomplishment, it’s not exactly the final step of the home-selling process, so don’t celebrate quite yet. There are more things to check off your list, including tax form preparation, buying your next home, and more, which will keep you ahead of the post-sale pace, save you money, and keep your stress at bay.
Here is a basic guide:
#1 Keep paperwork for tax purposes.
You’ll want to keep any paperwork linked to your home closing and settlement and have it handy when it’s time to file your taxes for proof of the sale. Also, keep any receipts for anything you spent on home improvements for tax purposes. Keep in mind that tax laws change from year to year, so make sure you stay on top of it to avoid losing money.
#2 Open a money market mutual fund
This is essential if you sell quickly, but don’t buy your next home right away. A money market mutual fund is a safe place to put your money, has an affordable rate of return, and gives you access to your funds daily, plus check-writing rights.
#3 Take your time on your next house hunt
Do your research to choose your next home carefully for you and your family and take your time. Don’t feel pressured to buy something that doesn’t fit you, your wants, and your budget – even if that means you have to rent before you buy, which may be inevitable in today’s market.
#4 Take another look at your finances and savings.
If you go through a life change in between selling and buying your next house (job promotion/loss, have a baby, go through a divorce), you will definitely want to take a closer look at your financial situation to know how much you can afford and think through your next down payment (at least 20 percent).
#5 Change of address.
Remember to notify one and all, including billers, of your change of address, whether that’s temporary rental housing or elsewhere. The U.S. Postal Service recommends you complete a change of address 30 days before you move.
#6 Consider the type of agent that’s best for you.
After you sell your home, evaluate whether or not your listing agent will have the skillset and meet your needs when you’re buying a home. If you’re moving to a new area, research and chat with agents who are local to that area.
Trust Paige Bird, the #1 South Carolina RE/MAX agent for the last eight years. In 2021 she: negotiated the sales price for her clients to get 1.27% more than the area’s MLS; sold 115 homes for a total of $33.9 million; sold 68 of those above sales price, with an average list to sales price of 99.08%; and sold listings ranging from $8500 to $1.495 million.
Contact Paige Bird today so she can sit down with you to get started in the home selling process at 843.450.4773.