Are you a homeowner in Savannah? Have you considered what selling it could mean for you and your family? A fast sale could be a great option for you if you are stuck with a run-down home, or if you simply want to sell a house quickly!
With the extra cash you get from your Savannah home, you can do all kinds of things. Getting rid of debt and reinvesting in something more lucrative are just the beginning!
Our 6 favorite ideas for reinvestment!
Buy a New House!
Consider reinvesting the cash you receive from the sale of your current property in a property you really like! You can take advantage of the 1031 exchange, which stipulates that you will not pay capital gains tax if you reinvest in a “like” property. Theoretically, you could sell a condo and buy another one without incurring 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. It is possible to get creative here. 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 adore can change your life! Both financially and personally!
Start A Business
Have you always wanted to start your own business? Maybe the right time never came, or the funds simply weren’t available. Your dream can come true when you sell your home in Savannah. Perhaps the rundown house you’ve written off is the key to your future entrepreneurial success! Many businesses can be started for very little money. You can begin your business with the confidence you need by selling your house!
Go to School
Whatever your age, it’s never too late to learn something new! To start your academic journey, you do not have to be a certain age. You are never too young to invest in yourself. Investing in yourself will grow your wealth faster than any property will.
Travel the World
Time is of the essence for getting out and seeing the world. A common regret among older people is not traveling more. Use your extra cash to travel! The memories you make will be priceless.
The Stock Market
To get started, you do not need to be a top broker. You only need a small amount of money to get started. You should work with a professional if you are new to investing, at least until you have a better understanding of what you are doing! Do not invest beyond your means if you are new to investing.
Buy Yourself a Toy
We do not encourage reckless spending, but indulging once in a while can make life more enjoyable. Just think of a new boat, jet ski, or camper. It’s not only about the things you own but rather the memories you create. Fun things for you and your family to do will create a lot more memories than a run-down house in the market! Have a little fun while being responsible. Isn’t that what life is all about?