Do you own a home in New York? If so, have you thought about what selling it could mean for you and your family? If you feel stuck with a run-down house, or if you simply have a property you want to sell quickly, think about the benefits a fast sale can offer you!
There are all kinds of things you can do with the extra cash you get for your New York 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 New York 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.
Buy Yourself a Toy
We would never encourage reckless spending, however indulging once in awhile can make life more fun. Imagine a new boat, jet ski, or camper. It’s not just about the material possession, rather the memories you will make. Having something fun you and your family can enjoy will create a lot more memories than an old, run-down New York house! Be responsible, but don’t forget to have a little fun too! That’s what life is all about right?!