March 19, 2024

Vacant Property in Utah | What Should I Do?

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Owning a vacant property in Utah can be stressful, and it can put you into financial trouble. Further, if you are having a hard time deciding what your options are with this property, then continue reading for solutions to help you with your troubles.

Rent Out the Property

Renting out a property is a great way to make extra monthly income, and it’s a great investment. In addition, if you have tenants making monthly rent payments. They are basically paying off the house for you. So, if you don’t owe too much on it, then you can make more than the monthly bill on the home. This leaves you with extra savings. Too, one day you can sell this property and cash in on this investment. 

Move Into the Property 

Another great thing to do with a vacant property is to move into it yourself. Save yourself some money and pay for one property instead of two. It’s pointless to own two properties if one is vacant. Furthermore, moving into the home will save you from having to find tenants to live in the home. Too, you don’t have to worry about them destroying it. 

Sell the Property 

Are you tired of finding tenants to occupy your property? Are you feeling overwhelmed with fixing the place up every time you get a new renter? If you answered yes, and you don’t see yourself wanting to live in the house, sell. Selling your vacant property is an excellent approach to take. Furthermore, selling the property will free yourself from the headache of finding renters or moving into a place that you don’t want to make your home. 

If you are wondering how to sell the property, here are a few options:

Real Estate Agent

Realtors will help you put your house on the market. But, there are some downfalls that you should be aware of. Your property may be on the market for a while, which means it will be vacant still. This certainly doesn’t help your situation. A realtor will also charge you a large commission fee. Make sure you do your research when considering a realtor so that you don’t lose out on more money. 

Sell by Owner

Selling by owner is always the best return. Further, you don’t have to pay anyone any fees. Equally important, it is all on your terms. So, the problem with this route is finding the right resources to market and list your home. Furthermore, this process can take months to just make your house known to potential buyers. 

Sell to a Cash Buyer

If you have a vacant property, then waiting to sell the house is just going to cost more money. A cash buyer will buy your home as is, allowing you to literally just walk away with the money in your pocket, or pay off your mortgage right then and there. BankRate outlines all the benefits of working with a cash buyer. No need to waste any more time waiting for your property to sell. This is a fast and easy process. 

Here at Enlight Homebuyers, we are cash buyers in Utah who are ready to take your vacant property off of your hands. Give us a call today at 801-939-0123 with any questions you may have. We will gladly come out and give you an offer.

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