You own vacant land but you aren’t in it for the long haul and you are sick of paying annual taxes.
If you are looking to sell your vacant land, one option is to list it on a real estate marketplace and work with potential buyers to negotiate a price that works best for you.
You initially bought the vacant land to build on, but it doesn’t seem like you ever will.
Perhaps the location of your land isn’t suitable for building, and you could consider leasing it to farmers or ranchers for agricultural purposes to generate income.
You just accepted an offer on your vacant land and need to decide what to do with the check after closing.
If you are undecided about selling your vacant land, you could consider working with a land development company to explore development possibilities and potential profits.
Maybe you haven’t decided to sell yet? Here are some things you can do with the proceeds from your vacant land sale in Michigan.
Interested in how NateBuysLand can help you turn your vacant land into profit? Here are some reasons why customers choose us:
- We offer fair prices and close quickly.
- We cover all closing costs and fees.
- We buy land as-is, so there’s no need to invest in repairs or staging.
- We have a hassle-free process that is designed to save you time and effort.
Invest In Something Else
There are so many ways to invest money.
You could also invest in a business or franchise opportunity that aligns with your interests and values.
You could reinvest in a different piece of vacant land, maybe in a new area.
Investing in land in an up-and-coming area could also be a wise choice, as it allows you to hold on to the asset and sell it for a higher price later on.
You could put a down payment on a new house or even a rental property to make some residual income.
Real estate investing can be a great way to generate passive income and build long-term wealth.
You could also invest in the stock market with plenty of types of companies and varying degrees of risk.
Consider working with a financial advisor to create a diversified investment portfolio that meets your financial goals and risk tolerance.
You can select stock in your favorite companies, or go with a bulk investment with a mutual fund.
Some popular investment apps include Robinhood, Acorns, and Stash.
There are lots of companies and apps that make investing simple.
Just remember to do your due diligence before investing and never invest more than you can afford to lose.
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.
Consider opening a high-yield savings account or CD to earn higher interest rates on your money.
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.
Even small contributions to your savings can add up over time, and it’s always good to have a rainy day fund.
Check around at a few different banks for different investment options to find the best return for your savings account.
Online banks like Ally and Marcus by Goldman Sachs often offer higher interest rates and lower fees than traditional brick-and-mortar banks.
This is a slower, less risky investment than the stock market or other real estate.
Plus, FDIC insurance protects your deposits up to $250,000 per depositor, per account type.
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 .
Treating yourself and your loved ones to a fun experience or material item can also improve your quality of life.
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.
Consider a staycation or a road trip to explore your own state or neighboring areas.
Making time to enjoy adventures in life is priceless.
Or splurge on a new tech gadget or piece of jewelry that you’ve had your eye on.
Maybe you’ve had your eye on that boat every time you go to the sporting goods store.
If you’re leaning towards a big-ticket item like a boat, be sure to factor in the ongoing maintenance and storage costs.
Maybe your spouse wants a new car.
A new car can be a good investment if it’s a reliable and fuel-efficient model that fits your needs and budget.
Maybe you need a new computer.
And a new computer can improve your productivity and efficiency, especially if you work from home.
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.
Just be sure to weigh the benefits of the purchase against the potential long-term costs, including interest and depreciation.
Make Improvements
Proceeds from your vacant land sale could help remodel the kitchen! You might even be able to spring for the countertop upgrade.
Home improvements can increase the resale value of your home and enhance your enjoyment of it in the meantime.
Or maybe your teenager’s first car needs a little fixing up before you hand over the keys.
A fixer-upper car may require upfront costs, but could be a more affordable option for a first-time driver.
The proceeds from your vacant land sale would be a great fund for improvements.
Consider working with a reputable contractor or mechanic to ensure that the improvements are done well and according to code.
There’s always something that you need to fix or put money into.
Whether it’s a leaky roof or a faulty transmission, addressing maintenance and repair issues sooner rather than later can prevent bigger (and more expensive) problems down the road.
This would be a great relief for that much-needed improvement.
You can also use the funds from your land sale to enhance the curb appeal of your home, such as by adding landscaping or updating the exterior features.
Pay Off Debt
We live in a society now that just about everyone is in some sort of debt.
From credit card debt to student loans to medical bills, there are many types of debt that can weigh you down financially and emotionally.
A smart thing to do with the proceeds from your vacant land sale would be to pay down some or all of your debt.
Paying off debt can free up your cash flow and improve your credit score, which can in turn lower your interest rates and improve your overall financial health.
Pay down some credit cards to avoid extra interest.
Consider paying off the card with the highest interest rate first, or consolidating your debt with a balance transfer or personal loan.
Make extra payments on your mortgage.
Making extra payments on your mortgage can reduce the amount of interest you’ll pay over time and help you build equity in your home faster.
Pay off a large portion of your car loan and reduce your insurance costs.
And putting more money towards your car loan can help you pay it off sooner and potentially save you hundreds or thousands of dollars in interest charges.
Large payments over the minimum due will save you interest in the long run.
Just be sure to confirm with your lender that there are no prepayment penalties or other fees for paying off the loan earlier than the term.
Give NateBuysLand a call at (269) 222-7711 or send a message below to discuss these and other things you can do with the proceeds from your vacant land sale in Michigan.
Contact us at NateBuysLand to learn more about our land buying process and how we can help you sell your Michigan property quickly and hassle-free.
We can discuss your property and help you weigh your options.
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We have years of experience in the industry and a commitment to providing excellent customer service to each and every client.
