What Should I Do with My Vacant Property?
Updated: Jul 7, 2021
Owning a vacant property can be stressful, and it can put you into financial trouble. If you are having a hard time deciding what your options are with this property, then continue reading for solutions to help you with your troubles.
Rent out the property
Renting out a property is a great way to make extra monthly income and it’s a great investment. If you have tenants making the monthly payment of the house, then they are basically paying it off for you. If you don’t owe too much on it, then hopefully you can also make more than the monthly bill on the home, leaving you with extra savings. One day you can sell this property and cash in on this investment.
Move into the property
Another great thing to do with a vacant property is to move into it yourself. Save yourself some money, and pay for one property instead of two, especially when it’s pointless to own both if one is vacant. Moving into the home will save you from having to find tenants to live in the home, and you don’t have to worry about them destroying it. It will also allow you to sell your first property to make some extra money and get you on your feet again.
Sell the property
Are you tired of finding tenants to occupy your property? Are you feeling overwhelmed with fixing the place up every time you get a new renter? If you answered yes, and you don’t see yourself wanting to live in the house, then selling your vacant property is an excellent approach to take. Selling the property will free yourself from the headache of finding renters or moving into a place that you don’t want to make your home.
If you are wondering how to sell the property, here are a few options.
Real estate agent
Realtors will help you put your house on the market. But, there are some downfalls that you should be aware of. Your property may be on the market for a while which means it will be vacant still, this certainly doesn’t help your situation. A realtor will also charge you a large commision fee. Make sure you do your research when considering a realtor so that you don’t lose out on more money.
Sell by owner
Selling by owner is always the best return. You don’t have to pay anyone any fees, and it is all on your terms. The problem with this route is finding the right resources to market and list your home. This process can also take months or even years to just make your house known to potential buyers.
Sell to a cash buyer
Selling your home to a cash buyer is fast. You’ll have the cash in your hands in one short week. BankRate outlines all of the benefits of working with a cash buyer. This may be the ideal situation if you need to speed up the process. If you have a vacant property, and it is eating away your funds, then waiting to sell the house is just going to eat up even more of your money. A cash buyer will buy your home as is, allowing you to literally just walk away with the money in your pocket, or pay off your mortgage right then and there. No need to waste any more time waiting for your property to sell. This is a fast and easy process.
Here at Silver Lining Properties, we are cash buyers who are ready to take your vacant property off of your hands. We will gladly come out and give you an offer, and get you the cash for your property as soon as you need it. Give us a call today at 502-822-5377 with any questions you may have. We look forward to hearing from you!
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