You own vacant land but you aren’t in it for the long haul and you are sick of paying annual taxes. You initially bought the vacant land to build on, but it doesn’t seem like you ever will. You just accepted an offer on your vacant land and need to decide what to do with the check after closing. Maybe you haven’t decided to sell yet? Liquidate your vacant land in Detroit to capitalize on one of these great opportunities!
Opportunity #1: Start a savings fund
Liquidating your vacant land can allow you 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.
Opportunity #2: Invest in something else
There are so many ways to invest money. If you liquidate your vacant land in Detroit, you could reinvest in a different piece of vacant land, maybe in a new area. You could put a down payment on a new house or even a rental property to make some residual income. You could also invest in the stock market with plenty of types of companies and varying degrees of risk. You can select stock in your favorite companies, or go with a bulk investment with a mutual fund. There are lots of companies and apps that make investing simple.
Opportunity #3: Make improvements
Liquidating your vacant land in Detroit would allow you to remodel the kitchen! You might even be able to spring for the countertop upgrade you always wanted. Or maybe your teenager’s first car needs a little fixing up before you hand over the keys. The proceeds from your vacant land sale would be a great fund for improvements. There’s always something that you need to fix or put money into. This would be a great relief for that much-needed improvement.
Opportunity #4: Pay down debt
We live in a society now that just about everyone is in some sort of debt. A smart thing to do once you liquidate your vacant land would be to pay down some or all of your debt. Pay down some credit cards to avoid extra interest. Make extra payments on your mortgage. Pay off a large portion of your car loan and reduce your insurance costs. Large payments over the minimum due will save you interest in the long run.
Opportunity #5: 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 Detroit. Once you liquidate your vacant land in Detroit, you could 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. Making time to enjoy adventures in life is priceless.
Maybe you’ve had your eye on that boat every time you go to the sporting goods store. Maybe your spouse wants a new car. Maybe you need a new computer. 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.