Sold Your Home? Don't Miss Out On These 3 Things
Jayesh Patel, a 47-year-old banker, sold his apartment in Surat recently. While he got busy with the paperwork, repairs and transactions, he got little time to think what he would do with the money once the transaction is complete. As it often happens, sellers tend to miss on certain things they need to do for themselves.
MakaaniQ lists three things that a seller must need to plan during the selling phase that would ease his move to a new place:
Buy or rent?
In case you are selling the house in which you currently reside, the pertinent question is what you would do about yourself after the transaction is complete. Should you buy a new house using the proceeds or should you rent because you would like to have it easy for a while? The answer depends on certain factors. It is suggested that you must not buy immediately after selling a property. First, you might make a hasty decision, and second, it could be a financially unviable option. It is suggested that you rent a property for a while and take it up from there as it comes.
Bring about the change
One of the most important things is to change your address. Inform all the service providers, including banks, insurance companies, and other vendors about a change in address or terminating services. You need to inform about the change in address at your workplace, too. Make sure your spouse does the same.
Plan your investment options
After the home is sold, you will earn a large sum. Plan how you are going to use this money. This is completely dependent when do you plan to buy your next property and how financially stable you are.
In case you want to take three or more years before you buy your next property, invest it in capital gain bonds. With a highest limit of Rs 50 lakh, this investment instrument has a lock-in period of at least three years. In case your plan is short-term, you could try your luck with stocks and pick the ones you see can make your earn profit in one year or more.