We Buy Houses In Dormont Pennsylvania. There are many great ways you can reinvest the proceeds from the sale of your Dormont PA home. In our latest post, we explore some options to make your new-found cash work for you!
People sell their homes for all sorts of reasons. Sometimes the cash for houses in Dormont is needed right away to pay a debt, and sometimes they find themselves with an unexpected surplus available to use elsewhere. Instead of spending this money on material objects and things that come and go, why not reinvest your earnings into something that will benefit you down the road? We are seasoned homebuyers in Pennsylvania and we will discuss below some of our favorite ways to reinvest the proceeds from the sale of a Dormont PA house!
Real Estate Crowd Funding In Dormont
A great way to reinvest the profits made from your Dormont PA area property is to put the money into a real estate crowdfunding opportunity. You’ll want to research any investment before sinking your money into it, but investing in a real estate crowdfunding opportunity can be a passive and hands-off investment that can really pay off.
529 Plan In Dormont PA
There is no greater investment than that in the future of your children. By contributing to a 529 plan or a designated college fund, you’re not only contributing to your child’s future, but you are also teaching them a financial lesson. The money placed in a 529 plan will grow tax-free, and will not be taxed when the money is withdrawn. Many families utilize these savings plans for their children ahead of time, so they are not blindsided by huge bills when their children begin college careers.
A Rental Property In Pennsylvania
When selling one home, it can be a great idea to reinvest in another. Not only will you avoid capital gains taxes this way, but you will also be able to find a rental property that really performs and generates a substantial profit for you. If one home or investment property isn’t working, maybe it’s time to try something different! When you find the right rental property in Dormont PA, you’ll be able to generate an almost passive income, building on the proceeds you have received.
PA Home Improvements
If you sell an underperforming rental, you can use the funds to improve your primary residence. Building equity in your home as well as adding a feature you will personally enjoy is never a bad thing. Whether you want to improve a dated kitchen or repair an old roof, now is the time to get those things done. While you might be faced with capital gains taxes when you choose to spend the money on improvements, you will be able to take a deduction for your home improvement costs. Plus, in order to face capital gains taxes, you would need to generate hundreds of thousands of dollars in profits.
Pay Off Other Debts In Dormont, Pennsylvania
Do you have high-interest debts weighing you down? Now is the time to clear them up once and for all. Paying money to borrow money doesn’t usually make sense. While carrying a mortgage can actually help in some financial situation, but having a high-interest loan or credit card doesn’t.
Sell My House In Dormont PA
When you sell your house in Pittsburgh, it can be a great idea to reinvest in another. However, before you go and spend all of your proceeds, don’t forget about the looming tax man. When you reinvest your proceeds into a “like-kind” investment, you will be able to avoid capital gains taxes. Always be aware of your tax consequences when you reinvest the proceeds from the sale of your home. You should always consult with your financial planner or CPA before making any financial moves. You can also learn about some great ways to reinvest the proceeds from the sale of your property from us, Pennsylvania home buyers! All you need to do is reach out to us or give us a ring today.