Real estate ownership has become challenging. The cost of real estate has increased dramatically over the years. According to the U.S. Bureau of Labor Statistics, housing prices in 2021 are over 800% higher than in 1967. Even compared to the overall inflation rate during the same period, housing inflation is much higher and more significant.
Therefore, it makes sense that many individuals prefer to rent their home rather than buy it. Furthermore, the cost of maintenance, repair, and additional real estate taxes contribute to the impression that real estate is not worth the hassle.
However, there is still a lot of money in owning real estate. Here is how you can profit from bringing your real estate on the market.
When You Can’t Afford to Keep It
Picture the situation. A distant relative left you their old property in their will. Unfortunately, the inheritance comes at a high cost, including remaining debts and other essential payments. As much as you’d love to keep and maintain the property, you realize that it could be the key to escaping from the inheritance debt whirlpool. Did you know that you could use liquidation services to turn an unwanted property into a profit-making sale? Unsure how it works? Here’s how to profit from estate sales through the liquidation process. With a professional liquidator, you can ensure the property will be sold quickly and at the best possible price.
When You Don’t Use It Anymore
If you own your business building, the last thing you might want is to move to a new location. However, it might be necessary to relocate to grow your business fast and better than your competitors. While moving your business can be a stressful process, dividing your tasks into manageable and actionable steps can soothe the relocation. But what happens to your commercial property? If you own the building, you could consider selling it. This can be a long and demanding process. For quick and reliable income, you can become a landlord for a new business. This will guarantee regular income and even help you recoup the cost of moving to a new location.
When You Want to Get To the Next Property Level
If you already are a homeowner, you might be considering selling your property to help finance your next home. Unfortunately, the real estate market fluctuations can make it hard to fall back on your feet. But if you want to sell for the best profit, you have to think about valuable home improvements. Americans are expected to spend $337 billion remodeling their homes in the second half of 2021. How can you make sure your investment doesn’t become a waste of money? As a rule of thumb, adding physical square footage can add up to $50,000 to the house price. Maintenance costs such as roof replacement can be fully recovered at the cost of resale, making it a smart investment. Aesthetic improvements such as wall painting or floor updates can be partially to totally recovered through sales too. Hardwood flooring is one of those investments that drive the house price high.
Your real estate hides more value than it first appears. Whether you choose to sell it to finance your next project (commercial or individual) or recover losses, working with professional advisers will make a huge difference. When selling isn’t an option, lease contracts can be a source of income too.