We all have things that we regret buying. For some of us, it’s that Lady Dior clutch that we’ve never been able to show off to friends; for others, it’s our third or fourth out-of-state vacation home that we have never gotten round to using and is just wasting the money from our accounts that could be spent on other things, like a vacation villa that will actually get some use. Here are three things you can do with that unwanted property that might inspire you to do something grand.
#1 Renovate it yourself
Using it as a little renovation project to take your mind off work might be the perfect way to use your property. It can be a good way to pack it full of everything your money can buy and use it as a showroom for your friends. Of course, this is just a vacation house, so you can make it as crazy as you like. You might even fancy knocking it down and rebuilding it, even if the plot of land is very small. It can be a good hobby to take up, and renovating houses might be your next big thing.
#2 Rent it out
This doesn’t mean rent it out via a real estate agent if you don’t want to. You can rent it out yourself to your friends and family, especially if it means it gives your kids a good place to live as a starting home. It is uncharacteristic and tacky to have a money-making opportunity to go to waste, so it can be a good way to bring in another income. It would naturally be in a desirable area (otherwise, you wouldn’t have bought it), so you are going to get a good price and catch a lot of buyers’ interest.
#3 Sell it
Of course, if you just want to get rid of it, you can sell it and use the money to go toward something a little more to your current tastes. However, the realtor market is a slow one, and if you want to just get it sold, you might consider alternatives. There are bound to be some local businesses in your area who will buy it immediately.
For example, in California, you can have Orange County House Buyers – Monte Gillespie buy your home within a week. This is a great opportunity if you just want to get this extra home out of your life and get the saved money spent on something so much more desirable than another property under your name.
A few final thoughts
Thinking about what you want to do with an unwanted property can be hard work. You can take the expensive yet creative route and renovate the house yourself, or even just rebuild it. You could rent it out to one of your assets and make money from it. Or, alternatively, you can sell it and just get it out of your life.