If you’re going sell a piece of Hawaii real estate, you probably have thought of timing the sale perfectly. After all, reinvesting the profit from your sale is fundamental to maintaining a healthy and profitable real estate investment business, therefore you’d like to maximize every angle. Ensuring that all of your investment properties earn the greatest returns in passive income for your retirement requires knowledge, dedication (and a bit of good luck). Monitoring your investments and the Hawaii real estate market ensures you will make the right move for your investment portfolio. However, unless you’re an expert in the local real estate market or investments in general, it’s probably going to be best to work with a professional, mapping out a long-term plan. We will explore 5 ways to utilize your proceeds when selling your land in Hawaii.
Commercial Property
It makes sense to utilize your proceeds from selling your land in Hawaii to increase your investment dollar’s potential return – that’s what we’re in this for, right? At least, partially? For example, it may be time to move into a multifamily property – lots of those in Hawaii (ok, not all legal, but you get the idea). Using standard and readily available multi-family investment calculators, you can calculate the best move for your portfolio by applying these generally reliable, universal techniques. The payoff is well worth the time invested in familiarizing yourself regularly with market conditions and how to use this data. By understanding the importance of location (zoning, access to transportation, upcoming projects like rail, physical conditions like soil stability, etc.) and the effect on the value, along with a good working knowledge of Hawaii real estate, you can select the best property for your budget at any given time. Carefully thought through, reinvestments such as these can significantly improve your returns over the long term.
Dreams
Life doesn’t always work out as planned, but when it does and the stars align, be prepared to strike. If your land has significantly appreciated, it may be the right time to cash out and buy that vacation home, go back to school, buy that flashy car or a high-end telescope, or take that trip to Europe you’ve always dreamt about.
Because you made a real estate investment for your future, you can now reap the rewards and take advantage of the chance of a lifetime from your proceeds when selling your land in Hawaii.
College
While investments may have been made for the long term to earn passive income for your retirement, they can come in quite handy when life sends you down an unintended path, like needing to pay for four years of university or even grad school for your children. Tuition, books, semesters abroad, living expenses…..they add up and quickly (was it so different when you went to school?). Whether your college fund you set up in the past performed to its maximum potential or not, it is not uncommon that these plans fail to meet the financial requirements for putting someone through their degree. Selling your land in Hawaii might be just what you need.
Debt
An economic disaster or health emergency can leave you financially distressed and very quickly. You could pay down your debt with your proceeds when selling your land in Hawaii to fix what’s ailing you put those fears to rest. By doing so, you may also begin to repair your credit score if that’s been impacted by missed mortgage or credit card payments, or back taxes and liens.
Changes
While the studio apartment or starter home you lived in when you first acquired your investment land may have satisfied your needs perfectly, time tends to change what attributes make a house a proper fit. You may find yourself needing more space if your family is growing or if you’ve transitioned to work at home (not uncommon in our Covid times). Often, upon reaching your golden years, you find you’re now ready to go in the other direction and downsize. No matter what motivates your need to buy a new home (bigger or smaller), you could utilize your proceeds when selling your land in Hawaii to make your down payment on that new home.
At Oahu Home Buyers, our job is to help you understand when it’s the right time to liquidate and use your proceeds when selling your land in Hawaii to realize the best potential on each investment dollar. If you are trying to decide what is right for you, Oahu Home Buyers is here to help so please reach out to us. Oahu Home Buyers is happy to answer any questions with no obligation! Let Oahu Home Buyers be your full-time team! Our dedication to networking with all types of professionals in the real estate industry makes it fast and efficient to sell your vacant land in Hawaii! Oahu Home Buyers saves you time and money by not charging any fees (after all, we’re the buyer), finding the best deals for you, and doing all the work to help you reach your investment goals! Your success is our success! Just send us a message or give Oahu Home Buyers a call today at (808) 333-3677.