Does this sound familiar? You bought a piece of vacant land in Arizona a while ago and now you’re not so sure if you want to continue holding onto it. Maybe you initially bought the property to build on, but these days, it doesn’t seem like you ever will. Or perhaps it looked like a good long-term investment but you’ve reached a point where you’re no longer in it for the long haul and you’re tired of paying the annual taxes and fees. However, with all the things happening in the world right now, you may be sitting the fence about whether or not to sell your vacant land. If that’s the case, keep reading. In this post, we’ll give you 5 Great Opportunities For When You Sell Your Vacant Land in Arizona!
Opportunity #1: Start a Savings Fund
Selling your vacant land can allow you to start a savings fund. And as your Grandpa always says, “It’s never too late to save money!” You could save for a larger purchase in the future like a new house or maybe you just had a grandchild and want to start a college fund. Check around at a few different banks for different investment options to find the best return for your savings account. This is a slower, less risky investment than the stock market or other real estate.
Opportunity #2: Invest in Something Else
There are so many ways to invest money. If you sell your vacant land in Arizona, you could reinvest in a different piece of vacant land, maybe in a new area. You could put a down payment on a new house or even a rental property to make some residual income. You could also invest in the stock market with plenty of 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. There are lots of companies and apps that make investing simple.
Opportunity #3: Make Improvements
Looking to remodel your kitchen? When you sell your vacant land in Arizona, you could give that dream project a nice financial boost. You might even be able to spring for the countertop upgrade you always wanted. Or maybe your teenager’s first car needs a little fixing up before you hand over the keys. The proceeds from your vacant land sale would be a great fund 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.
Opportunity #4: Pay Down Debt
We live in a society now that just about everyone is in some sort of debt. A smart thing to do once you sell your vacant land would be to pay down some or all of your debt. Pay down some credit cards to avoid extra interest. Make extra payments on 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.
Opportunity #5: Have Some Fun
Sometimes the best thing to do with a little extra is to just have some fun. Maybe you’ve had your eye on some new hunting gear at the sporting goods store. Maybe your spouse wants a new car. Maybe you need a new computer. Or maybe you’re ready to go on a much-needed vacation. Whatever it is, making time to enjoy adventures in life is priceless, and the proceeds from your vacant land sale would be a nice chunk of change to indulge in a little self-care.