You own a vacant lot but you aren’t in it for the long haul and you are sick of paying annual taxes, which have been increasing steadily in recent years. You may also be tired of the upkeep required to keep the lot clean and the yard cut. Perhaps you initially bought the vacant lot to build on, but it doesn’t seem like you ever will. Or, maybe you inherited the lot from a family member and aren’t sure what to do with it.
It could be that you just accepted an offer on your vacant lot and need to decide what to do with the check after closing. Or, maybe you haven’t decided to sell yet? Here are some ideas of things you can do with the proceeds from your vacant lot sale in the Houston area.
Invest In Something Else
There are numerous avenues for investing your money, including funds acquired from selling an empty lot. You have the option to reinvest in another lot, potentially in a promising new location. Alternatively, you could use the proceeds as a down payment for a new home or an income-generating rental property.
Another possibility is to venture into the stock market, where there is a wide array of investment opportunities with varying levels of risk. You can choose to invest in individual stocks of your preferred companies or opt for a diversified investment through a mutual fund. Numerous companies and user-friendly apps exist to simplify the investment process.
Start A Savings Account
Another excellent option for utilizing the funds obtained from selling your vacant lot is to establish a savings fund. It is never too late to prioritize saving money! You can save with a specific goal in mind, such as a future down payment for a new house or setting up a college fund for a grandchild. It would be wise to explore various banks and their investment options to identify the savings account that offers the best return. This approach offers a slower and less risky investment compared to the stock market or other real estate ventures.
Have Some Fun
Going on a much-needed vacation would be a wonderful thing to do with the proceeds from your vacant lot sale in Houston. 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 lot 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.
Make Improvements
Proceeds from your vacant lot sale could help remodel the kitchen! You might even be able to spring for the countertop upgrade. Or maybe your teenager’s first car needs a little fixing up before you hand over the keys. The proceeds from your vacant lot sale would be a great source of funding 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, without having to take out a loan.
Pay Off Debt
In our current society, where debt is prevalent, a wise decision with the funds obtained from selling your vacant lot would be to reduce or eliminate your debts. Consider using the proceeds to pay down a portion or the entirety of your outstanding debt. This could involve paying off credit cards to avoid accruing additional interest, making extra payments on your mortgage, or significantly reducing your car loan balance, which could also lead to lower insurance costs. By making substantial payments beyond the minimum required, you can save on interest payments in the long term.