Selling House? Here Are 6 Ideas for Reinvestment

There are all kinds of things you can do with the extra cash you get for your home. Paying off debt and reinvesting into something more lucrative are just the beginning!

Below are our favorite ideas for reinvestment!

Buy a New House!
Take the cash you receive for your current property and reinvest in a property you actually love! You can take advantage of the 1031 exchange, which states you do not have to pay capital gains tax on a property you sell, so long as you reinvest in a “like” property. So in theory, you could sell a condo, and buy a different one with out a tax penalty. There are certain restrictions, such as you will have needed to live in the home you are selling for the past 2 out of 5 years. You can get creative with this too. Sell a residential home, and swap it out for something you can live in, but also has additional space to rent out! Before you commit to a sale, make sure you thoroughly understand the requirements involved in a 1031 exchange. Reinvesting in real estate you love can be a game changer! Both financially and for your overall happiness!

Start A Business
Have you always dreamed of starting your own business? Maybe it was never the right time, or the funds just weren’t there. Selling your home can help to make your dream a reality! The old, run-down house you had written off, might be the key to your entrepreneurial future! For many businesses, start-up costs can be pretty low. Selling your house can give you the cushion you need to start your business with confidence!

Go to School
No matter how old you are, it is never too late to learn something new! You don’t have to be any particular age to begin your academic journey! Take your extra cash, and invest in yourself! The reward will greater than any property you could ever own!

Travel the World
There is no time like the present to get out and see the world. One thing many people regret when they are older is not traveling more. Take your extra cash, and have an adventure! The memories you make will be irreplaceable.

The Stock Market
You don;t have to be a top stock broker to get started. A small investment can quickly grow into something more valuable. If you are brand new to investing, we suggest you work with a profession, at least until you have a better grasp of what you are doing! It can be risky, so never invest beyond your means.

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How to Sell a House That Needs Work

Many people hang on to a house that needs work because they don’t have the time or money to fix it. This inevitably costs more money in the long run, not to mention the stress and hassles that come from a run-down house.

There are many people out there who will buy your house for a great price, freeing you from the property and the burden of making repairs. The strategy of selling is a bit different, and with our tips, we can help you sell your house quickly and for a great price!

How to Sell a House That Needs Work

Need to sell my house
Fix What You Can
There are many things that can be repaired relatively inexpensively while still making a strong impact. A fresh coat of paint can go a long way. Repairing holes in the walls, cleaning the carpets and adding new fixtures are all great ways to fix up the house without breaking the bank. We also recommend repairing the roof and cleaning up the yard so your house can sell fast. Curb appeal has a major impact on a potential buyers perception of the home. If their initial impression is of a neat and tidy yard, they will have a more open mind when viewing the rest of your home!

Get Your House in Front of Serious Cash Buyers & Investors
You can do this by networking in investment and real estate groups. Get the word out about your home and help people to see the potential value. Run the numbers yourself and let people see what it will cost to repair vs. the value of the home when it is complete. Being able to communicate the value of your house to potential buyers is very important when selling a fixer-upper.

Play Up What’s Good
Even if the house has areas that require major improvements, there is bound to be something about it that is appealing! Maybe it’s in a great location or features custom, built-in cabinetry. Focus on the positive and the potential of the property once it has been fixed.

Be Upfront
While you want to play up the good features you also need to be 100% honest about what is wrong with the house. By disclosing everything you know, you can address it head-on as opposed to after the inspection has been done. You don’t want to set yourself up for a lawsuit by concealing a potentially deal-breaking fact about the property. Plus, it’s the right thing to do.

Reference : https://www.topdfwhousebuyers.com/