Do you own a home in Kansas City? If so, have you considered the potential impact of selling your house on you and your family? Whether dealing with a run-down property or seeking a quick sale, ponder the advantages that a swift transaction can bring!
There are all kinds of things you can do with the extra cash you get for your Kansas City home. Paying off debt and reinvesting into something more lucrative are just the beginning!
Here are some of our top recommendations 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. Specific restrictions apply, such as the requirement to have lived in the home you’re selling for at least 2 out of the past 5 years. You can also get creative with this. Consider selling a residential property and exchanging it for a space that you can live in while also having additional areas 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 harbored a lifelong aspiration to initiate your own business? Perhaps the opportune moment never arrived, or financial resources were not readily available. Selling your Kansas City 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
It’s never too late to embark on a journey of learning, regardless of your age! There’s no specific age requirement to start your academic pursuits! Take your extra cash, and invest in yourself! The reward will greater than any property you could ever own!
Travel and Explore the World
There’s no better time than now to embark on a journey and explore the world. Many individuals express regret about not traveling more when they reflect on their later years. Take your extra cash, and have an adventure! The memories you make will be irreplaceable.
Investing in Stock Market
You don’t need to be a seasoned stockbroker to begin. A modest investment has the potential to evolve into something more valuable over time. 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 never advocate for imprudent spending, but occasional indulgence can add enjoyment to life. Consider the prospect of a new boat, jet ski, or camper. It’s not just about the material possession; it’s about the memories you’ll create. Having something fun you and your family can enjoy will create a lot more memories than an old, run-down Kansas City house! Be responsible, but don’t forget to have a little fun too! That’s what life is all about right?!