If you own a home in Eugene and have been thinking about selling it, have you really considered what you should do with the money you’d make? This is a large amount of money that could make a tremendous difference in your life or the life of your family. If you feel stuck in the home you own and are looking for a way to change you and your family’s life for the better, it’s time to start thinking about selling your home as an investment in your own future.
Many people don’t stop to think about what they could actually do if they sold that house they are feeling tied down by. There are so many things you could use extra cash on. You could pay off debt, save for the future, or invest in an opportunity to grow your wealth even more. Let’s talk about some great reinvestment options you have if you are selling your home in Eugene, Oregon.
Six Great Reinvestment After You Sell Your Eugene Home
Buy a New Home
If you don’t like where you are at, you can sell the home and take the proceeds from it to buy a new home that you do like. The reason this is such a great idea is because there is a tax break via a 1031 exchange available to save you on the tax you’d owe on the capital gains from the sale of your first home. To qualify, you simply need to reinvest those gains into a similar home. There are some more restrictions, including you need to have lived in the home for 2 out of the last 5 years. One option you have here is to buy a new home with more space that you could use as a rental unit that would allow you to increase your monthly income. A 1031 exchange should be complicated, so be sure to talk this over with a professional before selling your home.
Launch Your Own Startup
Ever wanted to start your own business but didn’t have the capital to do it? Well selling that home you are already thinking about getting rid of may be just the ticket you need. One of the reasons this is such a good idea is that many businesses have a relatively low start-up cost. What this means is you could launch the business and have money put away for the difficult times to help you get through until your business is firmly on its feet – giving you and your family extra security.
Go Back to School / Get a Degree
For any number of reasons, you may not have been able to go to or complete your college education right out of high school. If that is holding you back in your career, selling that run-down home can be just the thing you need to help you go back or finally get started. Investing in yourself and your career is a great way to make that old run-down home a positive impact for the rest of your life!
Invest in the Stock Market
You don’t need tons of money or experience to get started in the stock market. Just a small investment can, over time, become something far more valuable. If this is something you’ve been interested in, but is new to you, be cautious at first. Start small and never move beyond your means. The stock market can be risky, but if you play it correctly, it can really pay off.
See the World
If you’ve ever wanted to travel the world, there has never been a better time than now. This is especially true if you have a family. Your children are only getting older and there are less and less opportunities to make those crucial life-long memories. So if you have ever wanted to see what the world is like, selling that old house you don’t really want any way can be the right way to make that happen.
There is a strong difference between recklessly spending your money as you will and then every so often letting yourself have something you enjoy to make life a little better. Just think of the memories you could make with a new boat, a ski trip, a new backyard pool, or a camper. It’s not always about the material possessions, but the good times and memories they help you build for you, your family, and friends. Remember, you want to be responsible, but having a good time should be what life is all about, so don’t be afraid to do just that every so often.