4 Things to Do Once You Sell Your Home

The selling of a home does not end when you hand the keys over to its new owners and more changes hands.

But don’t assume that everything’s over once this is done. There are a few more things that you will need to do in order to save money going forward.

So, here are 4 things that you must do once the escrow has closed:

#1: Keep all closing and settlement paperwork

Keep all closing and settlement paperwork for April 15 when you will have to file your taxes. It’s common knowledge that the need for documentation which covers both the expenses as well as the proceeds of the sale will come in handy. Of course, you will still need to keep the paperwork for later if you are audited.

#2: Keep proof of improvements and prior purchases

In other words, you’ll have to keep receipts of home improvements made. This ‘proof’ can be used so as to add the cost of improvement to your home’s cost basis and work out to your benefit if you have a sizable capital gain.

#3: Place cash in a money market fund

If you don’t plan on using the money to buy a new home, then a money market fund is a safe place to keep your money. But that’s not all – you get a reasonable rate of return but also daily access to your money as well.

#4: Keep in touch with changing tax laws

With a recently passed tax law allowing sellers to keep a significant amount of the profits from their primary residence, it’s a good idea to keep in touch so as to not lose out on a lot of money.