Make it Legal!

Millions of people each year move from one state to another. Reasons for relocating range from a new job to retiring to simply better housing. The financial and personal impact of buying and/or selling a home can be enormous. One aspect you should fully understand before making a big move is the tax implications.

Real estate agents are not financial advisors, but they do know a thing or two about what to do before relocating. At the top of the list is to legally change your state of residence and determine how that affects taxes on income, property, and your estate.

Once you're a legal resident of your new home state, you can apply for incentives like homestead exemptions (if available). Also make sure you've updated the address on your credit report. Investigate how the enforcement of certain legal documents like wills and powers of attorney might change because of the change in residence.

Rules are different from state to state, and many experts suggest trying to make your move as early in the year as possible in order to minimize the impact. Tax returns can be confusing when you're claiming part-time residency in two different states during the year you move. Trust a real estate professional to help with selling, buying and moving, and seek advice from a tax consultant about the financial implications.

No Time for Modesty!

You've taken care of needed repairs and cosmetic improvements, and you're ready to list your home for sale. A likely next step is hosting an Open House, where buyers and agents can check out your new offering. Expect plenty of visitors, and expect some of them to be neighbors.

You might be concerned about "tire kickers" or nosy neighbors traipsing through your home, but don't be too skeptical. There are plenty of reasons neighbors visit an Open House, many of which are quite harmless and understandable.

They might simply be looking for decorating ideas to implement in their similar homes. True, in this case they are not potential buyers, and are not looking on behalf of someone else. But why would you want to start quarreling with people from whom you are soon moving away?

Maybe they are interested in the presentation of your home because they are considering selling theirs. The point is, you just never know. Frankly, that is the work of the real estate agent.

It's simply best for you to leave your home during the showing, and leave the "Lookie Lou's" and genuine prospects to the agent to handle. Sincere buyers can be uncomfortable asking questions in front of the owners, but the agent will have all the knowledge and experience to separate the seed from the chaff. Don’t worry, start packing!