You own vacant land but you aren’t in it for the long haul and you are sick of paying annual taxes. Here are 5 things you can do with the proceeds from your vacant land sale in Minneapolis St Paul today.
You initially bought the vacant land to build on in Minneapolis St Paul, but it doesn’t seem like you ever will. You had this dream for years, you might have even picked a house or cabin you were going to build on that vacant land. Life and circumstances often get in the way of our dreams and they just never come about. After looking at your checkbook you find that you are spending a lot of money on expenses owning land. You may consider selling your land yourself or get an agent involved to list your property on the MLS so other agents can bring their clients to see it. Before you go full out to starting marketing you property, determine the value of your land. That can be done with an appraisal costing $350 to $600 or you can often ask a real estate broker to do brokers opinion on its value.
You just accepted an offer on your vacant land and need to decide what to do with the check after closing. Maybe you haven’t decided to sell yet? Here are some things you can do with the proceeds from your vacant land sale in Minneapolis St Paul, Minnesota . We are going to discuss some things you might do with the proceeds after the sale that might surprise you. Keep reading!
Invest In Something Else
There are so many ways to invest money. You could reinvest in a different piece of vacant land, maybe in a new area. You could put a down payment on a new house or even a rental property to make some residual income.
If you are looking to make money on your cash that you got from the sale consider a rental property. Most people think of rentals as use a place for people to live and you get paid when they lease it from you. That is true and there are many advantages to buying a house and renting it out or even a duplex in Minneapolis St Paul. But, an option that many have not considered is buying land for recreational use and renting it out. There are thousands of acres of wooden land up north that is highly desired by hunters. Up to this point they have had to hunt on public land, but would love to rent wooded land to hunt in. You could provide that service buy purchasing the land with the proceeds of your vacant land sale.
You could also invest in the stock market with plenty of types of companies and varying degrees of risk. You can select stock in your favorite companies, or go with a bulk investment with a mutual fund. There are lots of companies and apps that make investing simple.
Start A Savings Account
Another great thing you can do with the proceeds from your vacant land sale would be to start a savings fund. It is never too late to save money! You could save for a larger purchase in the future like a new house or maybe you just had a grandchild and want to start a college fund. Check around at a few different banks for different investment options to find the best return for your savings account. This is a slower, less risky investment than the stock market or other real estate.
Have Some Fun
Going on a much-needed vacation would be a wonderful thing to do with the proceeds from your vacant land sale in Minneapolis St Paul. Go somewhere you’ve always wanted to go! Explore somewhere new, like a state you’ve never been to, or go on a cruise for the first (or fifth) time. Making time to enjoy adventures in life is priceless.
Maybe you’ve had your eye on that boat every time you go to the sporting goods store. Maybe your spouse wants a new car. Maybe you need a new computer. The proceeds from your vacant land sale would be a nice chunk of change to buy that larger purchase that you’ve been wanting but don’t want to go into debt for.
Proceeds from your vacant land sale could help remodel the kitchen! You might even be able to spring for the countertop upgrade. Or maybe your teenager’s first car needs a little fixing up before you hand over the keys. The proceeds from your vacant land sale would be a great fund for improvements. There’s always something that you need to fix or put money into. This would be a great relief for that much-needed improvement.
Pay Off Debt
We live in a society now that just about everyone is in some sort of debt. A smart thing to do with the proceeds from your vacant land sale would be to pay down some or all of your debt. Pay down some credit cards to avoid extra interest. Make extra payments on your mortgage. Pay off a large portion of your car loan and reduce your insurance costs. Large payments over the minimum due will save you interest in the long run.