Do you own a house in Miami that’s a little out-dated or in a state of disrepair?
If so, have you ever thought about selling and what it could mean for your family? Understandably, some Miami homeowners considering selling too much hassle, but before you decide it’s not for you, check out our investment ideas below.
There are all kinds of things you can do with the extra cash you get for your Miami home. Paying off debt and reinvesting into something more lucrative are just the beginning!
Plus, if you feel stuck with a run-down house, or simply own a property that you’re struggling to maintain, why hold yourself back from selling a property that’s become a burden to you and your finances?
Below Are Our Favorite Ideas For Reinvestment!
Buy a New House!
Take the cash you earn from your current property and reinvest in a home you actually love!
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.
Therefore you could, in theory, sell a condo, and buy a different one bypassing any tax penalties. There are some restrictions:
You need to have owned the property you want to sell for the past 2 out of 5 years.
Don’t feel you can’t get creative with this. Sell a residential home, and swap it out for a property you love that also has additional space to rent out!
Just remember before you commit to a sale, make sure you thoroughly understand the requirements involved in a 1031 exchange. Reinvesting in real estate can be a financial game-changer!
Start A Business
Have you always dreamed of starting your own business?
Creating a business is a goal for a lot of people, but typically, finances and other commitments seem to get in the way. Fortunately, selling your Miami home can be the first step to making your dream of owning a business 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. So, relax a little knowing that selling your house could give you the support you need to start the business you’ve always dreamed of owning.
Go to School
Perhaps you dropped out of college or didn’t think that following higher education was the right path for you, whatever your reason, it’s never too late to go back to school.
If you regret not pursuing academics when you were young, don’t panic! There are many courses available for mature students. It’s not uncommon these days to see students in their 30s or even 50s and 60s joining classes and achieving the qualifications and knowledge they’ve always wanted.
You could sell your Florida home and invest in yourself with the extra cash. If it’s something you’ve always wanted to do, you won’t regret it.
Travel the World
There’s no time like the present! It’s easy to go through life and bypass any chance to travel abroad and truly experience other cultures and lifestyles (mostly because these opportunities aren’t easy to come by).
A significant regret for a lot of people when they’re older is not seeing the world. It might be standard these days for young people to apply for grants or save up and go on a backpacking gap year. But, it’s not financially plausible for everyone.
That’s why selling a property and reinvesting the money into the adventure of a lifetime might just be the one reason that motivates you to sell your Florida home.
You don’t experience life, culture, and people by sitting in front of the TV. If traveling the world is something you’ve dreamed of doing, then sell your unwanted property, grab the cash, and make memories you will cherish for the rest of your life.
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’re brand new to investing, we suggest that you work with a professional until you have a clearer understanding and can confidently make careful and well-thought-out investments yourself! Just remember it can be risky, so never invest beyond your means.
Buy Yourself a Toy
We would never encourage reckless spending; however, indulging once in a while can make life more fun. Imagine a new boat, jet ski, or camper.
People say money can’t buy happiness, but what is that really true? Think about what you love doing. Do you enjoy going on long holidays with your family or boat trips across the sea? Do you love photography, art, music, food, sports, or any other fun hobbies (that cost money)?
We make memories through experiences we enjoy with the people we love using material possessions that we have to buy.
That’s why it’s not wasteful in your older age to spend money on something fun that your and your family will enjoy and create more treasured memories from than an old, run-down Miami house! Be responsible, but don’t forget to have a little fun too! That’s what life is all about, right?!