Congratulations! After months of having strangers walk through your home with your Orlando listing agent, you finally got the offer that you wanted and the closing went off without a hitch. No, it’s just a matter of handing over the keys to the new owner and turning the page on this chapter of your life…or is it? Hold your horses for a minute. There are some things you need to do to avoid any potential problems that may arise from the sale of your house down the line.
1- Make copies of ALL the paperwork that was related to the closing, especially the docs that you signed. You may be tempted to toss this stuff in the trash to avoid more clutter, don’t do it! Not yet anyway… Once tax season comes around, your accountant will need these papers to document the expenses as well the proceeds of the sale. Even after tax time, you should save these docs somewhere just in case you get audited.
2- If your property was sold via short sale, hopefully, your Orlando short sale realtor was able to get any deficiencies waved and even get you some money back from the bank for relocation costs. Either way, it went down, keep records of these papers as well.
3- Keep a record of improvements and repairs that you’ve made to your home. If you did the work yourself, don’t forget to add the cost of your time. No one is expected to work for free, not even in their own home. The IRS will allow you to factor in what you’ve spent on your home however, you need to supply the receipts on everything you’ve spent on the home in order to use this tax provision.
4- Keep up with local tax laws. Tax laws are always changing and if you’re aware of them, you can avoid losing money. Recently, a new tax law passed that allows you to….never mind, it just changed. You get the point.
5- Take your time in buying your next home. Depending on what your situation is you should take your time in finding your next home. Make sure that the home and the location that you choose, meet your family’s needs. Many people choose to rent for a few months so that they don’t feel pressured into buying. This also allows them to see if the area they choose is everything they need it to be.
6- Keep your current financial situation in mind. Are you able to downsize? Is there a baby on the way? Did you get a promotion? Did you get a divorce? Be realistic with your situation, selling a home is an opportunity for a new beginning. Don’t start off by buying a house that will be constantly struggling to afford.
7- Think about the Realtor you will hire. Your Orlando listing agent did a great job in getting your house sold. That doesn’t mean that you should hire the same realtor to help you buy, especially if you’re looking to buy in a different area. The best real estate agents specialize in a specific niche or area of the industry.
Real estate agents like myself are listing agents in Orlando. We specialize in getting the highest dollar amount for Orlando homes in the shortest amount of time. Orlando short sale specialists, however, specialize in doing short sales and know everything there is to know about short sales. They also have to stay on top of the latest changes when it comes to the short sale industry. Finally, there are buyer agents. These agents specialize in finding the right home for potential home buyers. Their job is to find you a home based on the criteria that you give them.
