You have vacant land, but your long-term commitment to it is uncertain, and the burden of annual taxes is becoming wearisome. Although you initially purchased the vacant land with intentions to build, it appears those plans may never materialize. Having recently received an offer for your vacant land and considering your options post-closing, you might still be contemplating whether to sell. Here are some potential avenues to explore with the proceeds from the sale of your vacant land in America.
Invest In Something Else
Numerous investment options abound for your money. You might consider reinvesting in an alternative piece of vacant land, perhaps in a different location. Another option is using the funds for a down payment on a new home or even a rental property, generating potential residual income.
Another option is delving into the stock market, where various types of companies offer differing levels of risk. You have the choice of investing in individual stocks of your preferred companies or opting for a diversified investment through a mutual fund. Numerous companies and apps have streamlined the investment process, making it easily accessible.
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
Utilizing the proceeds from the sale of your vacant land in the United States for a well-deserved vacation can be a delightful idea. Consider visiting a destination you’ve always dreamt of exploring, whether it’s a new state or embarking on a cruise for the first (or fifth) time. Taking time for life’s adventures is truly invaluable.
Perhaps you’ve been eyeing that boat every time you visit the sporting goods store, or your spouse has expressed a desire for a new car. Maybe you need a new computer. The funds from your vacant land sale could serve as a substantial sum to make that significant purchase you’ve been longing for without the need to incur debt.
Make Improvements
The funds from the sale of your vacant land could be allocated to renovate the kitchen, perhaps even allowing for a countertop upgrade. Alternatively, if your teenager’s first car requires some refurbishment before handing over the keys, the proceeds from the vacant land sale can serve as a valuable fund for these improvements. There’s always a need for fixing or investing money in something, making this a welcome source for much-needed enhancements!
Pay Off Debt
In this day and age, it’s commonplace for individuals to carry some form of debt whether that be student loans, medical or credit cards. An advisable course of action with the funds from your vacant land sale would be to reduce or eliminate some of your debt. Clearing a portion or the entirety of credit card balances can help avoid additional interest charges. Making extra payments towards your mortgage can contribute to long-term savings. Similarly, paying off a significant portion of your car loan not only accelerates the payoff but also reduces associated insurance costs. Opting for substantial payments beyond the minimum due can lead to interest savings in the long term.