Moreover, once you have found the buyer, don't assume that your job is done and dusted. Selling the house and dropping off its keys to the new owner is not the concluding step of this troublesome voyage. There are still some responsibilities left that’ll require your attention.
Keep all the settlement documents safe
Settlement documents, whether of a house or car, are of utmost importance. You must, under all circumstances, keep them safe in a locker. These papers are proof of all the payments and contracts that were signed during the selling process, and the next time you pay your taxes, these will serve as an attestation of your expenses. Even if you are not asked to submit any documents, you must keep the original documents safe. Try making copies, so you always have a backup. This is just a necessary precaution in case you are ever asked to show the records.
Keep proof of improvements and prior purchases safe
Tax laws can be a headache, but it could also result in some extra profit if you play by the rules. If you were to keep the receipts and documentation of all prior renovations and constructions safe and tabs on the amount of money you spent on the house, it would considerably increase your house's worth. Though it might be irritating to go above and beyond to save every tiny little receipt and keep track of every tiny little purchase, in the end, it proves quite fruitful. You will end up getting paid for what you spent!
Stash your money somewhere reliable
If you've sold the house but have no immediate plan of investing in another house or property, then you must stock your money somewhere extremely secure. Be wise. Think about the necessary pros and cons. For instance, investing in the stock market is definitely off the chart. This is because the rates are terribly unpredictable and keep fluctuating, which will eventually end up delaying the purchase of your new house. Consider all nooks and crannies before investing your money, or you could end up facing a major loss!
Search around the Area Before Buying Your New House
Selling the house and then buying a new one is not only money exhausting but also time-consuming. It takes days to find a decent house and even more days to decide whether the place is an inhabitable choice for you and your family. However, the house itself should not be the only concern, but also the area around the house needs proper evaluation before purchase. Search the marketplace and area around the house well, see if there is a commercial area nearby. Make a list of things/places that you would like to have near your future house. It makes making a decision easier and much quicker. It's also sane advice to take into account your family and friends views.
Consider Renting a House
A mind-blowing hack: rent your future house before you buy it. This way, you could find out whether or not the house is actually worth investing thousands of dollars on. You could always choose to leave the rented place and find a new house if there was even a slight problem. Not only is this a wise choice, but it will also save you time, money and added effort.
Consider Your Updated Finances before Buying a House
Re-evaluate your budget. It could vary from the estimate you made when you had just planned to buy a new house. Consider your most recent finances: a promotion, a newly found job or a financial mishap; take it all into account as it could make a huge difference to your budget.
Be Careful When Hiring a Property Agent
The most important thing you must do once you have sold your house is to be careful who you hire as your property agent. Do not assume that a good selling agent would be as good of a buying agent. Note that both jobs require different skills and thinking processes. So, you must give hiring an agent extra thought to avoid an unfortunate experience in the future.