Do you own a home in Chicago? If so, have you thought about what selling it could mean for you and your family? If you feel stuck with a run-down house, or if you simply have a property you want to sell quickly, think about the benefits a fast sale can offer you!
There are all kinds of things you can do with the extra cash you get for your Chicago home. Paying off debt and reinvesting into something more lucrative are just the beginning!
Below are our favorite ideas 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. There are certain restrictions, such as you will have needed to live in the home you are selling for the past 2 out of 5 years. You can get creative with this too. Sell a residential home, and swap it out for something you can live in, but also has additional space 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 always dreamed of starting your own business? Maybe it was never the right time, or the funds just weren’t there. Selling your Chicago 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
Investing in your education is always a great investment. Whether you are planning on getting a more advanced degree in your current occupation or getting a degree in a new field to make a career change a formal education can be a great tool to help you achieve your goals. Take your time to do the research on what type of return on investment you will realize from completing an additional level of education.
Travel the World
If you have the free time to do some traveling then this is a great option to consider spending some of the proceeds on. Everyone has specific places on their bucket list and this may can be a great opportunity to make some progress on your wish list. One of the most common regrets an elderly person has is not traveling enough during their younger years so this can be a opportunity to live a life with less regrets.
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 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 would never encourage reckless spending, however indulging once in awhile can make life more fun. Imagine a new boat, jet ski, or camper. It’s not just about the material possession, rather the memories you will make. Having something fun you and your family can enjoy will create a lot more memories than an old, run-down Chicago house! Be responsible, but don’t forget to have a little fun too! That’s what life is all about right?!