Does this describe your situation? You own vacant land but you no longer have future plans for the property and you are tired of paying taxes on it. Originally, you initially bought the vacant land to build on, but now it doesn’t seem like that will ever happen. You just accepted an offer on your vacant land and need to decide what to do with the money after closing. Maybe you haven’t decided to sell yet? Here are some ideas on what to do with the proceeds from the sale of your vacant land in Tennessee.
Invest In Something Else
There are so many places to invest money. You could reinvest in a different piece of vacant land, maybe in a new area that you are excited about. You could put a down payment on a new house you’ve had your eye on or even a rental property to make some residual passive income.
You could also invest in the stock market. There are many types of companies and varying degrees of risk. You can select stock in your favorite companies, or go with a bulk investment with a mutual fund or ETF. There are lots of companies and apps that make investing simple and easy and often from the comfort of your couch.
Start A Savings Account
Another great idea you can do with the proceeds from your vacant land sale would be to start a savings fund. Having a little extra money in the bank is always helpful and it is never too late to start saving money! You could save for a larger purchase in the future like a new car or house or maybe you just had a grandchild and want to start a college fund for them. Be sure to do your homework. Check around with some different banks for different investment options to find the best return for your savings account. This is definitely a slower, less risky investment than the stock market or other real estate.
Have Some Fun
Maybe its been a while since you have been on a vacation. Going on a much-needed vacation would be a great thing to do with the proceeds from your vacant land sale in Tennessee. Go somewhere you’ve always dreamed of going! Explore somewhere new, like a state or country you’ve never been to, or go on a cruise for the first (or tenth) time. Making time to make memories and enjoy adventures in life is priceless.
Maybe you’ve had your eye on that boat at the sporting goods store. Maybe your spouse is long overdue for a new car. Maybe your computer is on its last legs and you need a new one. The proceeds from your vacant land sale would provide a nice chunk of change to buy that larger purchase that you’ve been putting off because you don’t want to go further into debt.
Make Improvements
Proceeds from your vacant land sale could help remodel your outdated kitchen! You might even be able to spring for the counter top upgrade that your wife wants. Or maybe your teenager’s first car needs some maintenance before you hand over the keys to them. The proceeds from your vacant land sale would provide a great fund for improvements. There’s always something that you need to fix or put money into. This infusion of cash would be a great relief for that much-needed improvement.
Pay Off Debt
Almost everyone is in some sort of debt-some a little and some a lot. A wise thing to do with the proceeds from your vacant land sale would be to pay down some or all of your debt. Pay down some credit cards to avoid extra interest. Make extra payments toward your mortgage. Pay off a large portion of your car loan and reduce your insurance costs. Large payments over the minimum due will save you interest in the long run which can really add up over time. Imagine having less debt to worry about each month – talk about stress reduction.