5 Things You Should Do After Selling Your Home
So, you are in the process of selling your home at the Lake of the Ozarks and are looking forward to your next adventure! Congratulations! At Arrowhead Title, we know it can be a lot of work and a big relief once you have successfully closed. Now that you are ready for the next chapter in life, we just wanted to share a few tips with you regarding things to do after your real estate closing at the Lake of the Ozarks. If you would like to know 5 things you should be doing after selling your house at the Lake of the Ozarks, keep reading this blog!
It is very important that you keep all your paperwork together and easy to find in case you need to refer to it. You will definitely need it when it comes time to file your tax returns. Even after you have filed, you will want to keep your papers for several years in case of an audit.
Consult Your CPA
Talk to your CPA about other implications the sale of your home may have on your tax situation and get advice on how to minimize your burden. Find out if you will have a tax liability for capital gains, if there are ways to offset that liability, and any details or deadlines you need to know.
Add Up Home Improvements
One way you may be able to reduce your tax liability on your capital gains is if you have made significant home improvements to the house you are selling. Of course, you will need to have documentation and receipts for the qualifying improvements you are claiming. So, gather all your receipts and keep them with the rest of your records.
A financial advisor may be your best asset when handling the large sum of money that you receive from the sale of your home. Keeping that money safe until you invest in your next home is essential. Your financial advisor will know how to do that in a way that yields some kind of return, while still leaving the money accessible for when you find the next home you want to buy.
Be Strategic About Buying
Knowing your money is safe and being handled responsibly can help ease the pressure of buying another home right away. The more strategic you can be, the better investment you are likely to make. It can be a great move to allow yourself to rent for a while until you find the home of your dreams for a great price. Don’t feel pressured to turn right back around and purchase. Give yourself permission to take the time you need to do it right.
Happy House Hunting From Arrowhead Title!
As a title company at the Lake of the Ozarks since 1984, we truly enjoy being a part of helping people start the next new chapter in their lives. We want your journey to be everything you hope for and if we can help make your transition better, we are happy to do so. We hope you found these tips helpful! When you do find that forever home and are ready to invest, we are here to help with all of your title insurance and escrow services at the Lake of the Ozarks. Happy hunting from all of us at ArrowheadTitle! For more tips and information about real estate at the Lake of the Ozarks, follow us on our social media channels using the links below!
750 Bagnell Dam Blvd Suite B
Lake Ozark, MO 65049