The Benefits of Flipping Your House for Land Part 1
You’ve spent the last decade or more as a homeowner, but you’ve decided that owning your home is no longer your first priority. Perhaps the cost of maintaining your home has become unsustainable, or maybe your home has faced years of degradation and you no longer enjoy staying there. On the other hand, you could be looking to downsize or convert to a rental to save money. Regardless of the reason, you’re certain of one thing: you need money but not your home.
We buy houses for cash in Hernando County, FL, so we’re intimately familiar with this scenario. If you’re in need of cash ASAP, you need to meet with a trustworthy home investor to ease the burden of owning a home you don’t want. Then, you can reinvest your cash offer into smart investments like land. In this two-part series, the home investors at Quick Turn Properties will discuss how investing in land after you sell your home can keep you in the green for the future.
Vacant Land: Overlooked and Underappreciated
Most people don’t understand that purchasing vacant land can be an effective and affordable investment with the right guidance. If you don’t understand the benefits of owning land, it’s easy to be misled by common arguments against land ownership such as:
- Vacant land doesn’t produce income
- It just sits there
- It’s boring
- It’s expensive to develop from the ground up
Misconceptions about land ownership are common, but with the right help, you can turn a significant profit on a vacant land acquisition with a very small investment of personal time. Contrary to popular belief, you should embrace the fact that your vacant land doesn’t need to be managed. Vacant land is a simple, stable investment that doesn’t succumb to issues that plague traditional real estate. Flipping your house for raw land can result in substantial financial gains if you’re willing to take advantage of the opportunity.
Typically, when a person purchases land, they have a plan to build something on the land to generate profit. This process is expensive, time-consuming, and requires a high degree of oversight. Conversely, purchasing vacant land only requires one caveat: can you build on it? If the answer is yes, all you have to do is hold the land until someone needs it. When the time comes, you could make double, triple, or even ten times your initial investment.
No Tenants, No Problems
When you purchase rental property, you’re forced to deal with tenants, plumbing, pests, mold, lawn care, leaking roofs, broken pipes, faulty furnaces, damaged screen enclosures, and countless other issues inherent to property ownership. Vacant land doesn’t require any of these services. After you purchase vacant land, nothing happens.
We will continue to discuss the benefits of flipping your house for land in part two.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.