After Closing Tips

After the closing is complete and you have moved out of your house, there are still a few things you should do to protect yourself and your assets.

1. Paperwork.  Keep copies of everything related to the sale of your house.  When you file your taxes, you’ll need documentation of the expenses and proceeds of the sale.

2. Receipts.  Keep receipts for all home improvements.  They may come in handy at tax time.

3. Stash your cash.  If you have cash proceeds from the sale, consider putting them in a money market fund.  You’ll have access to your cash if you go to buy another home, but you’ll also get a decent return on your money.

4. Tax laws. Discuss the tax implications of your home sale with your tax consultant.  Understanding the tax laws can save you a significant amount of money.

5. Find a new home, but take your time and don’t rush into anything.

6. Next think about your down payment. The more you put down, the better mortgage deals you can get, but sometimes you can better invest that money elsewhere.

7. After closing don't forget to file your change of address form.  Make sure the U.S. Postal Service knows where to send your mail.

8. Don't forget to file for Homestead Exemption.