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| Build your retirement savings as you rebuild and remodel homes! |
If you’re keen on remodeling and design trends, you have a
gift that you can make use of to grow your retirement savings. By getting a little capital together, you can turn a
foreclosure from an eyesore to a desirable dwelling and net a profit. Best of
all, you can defer many taxes on these ventures until you’re retired. The
Equifax Finance Blog explains all about a great way for designers to build up their
nest egg in the article, “Using Retirement Money for Real Estate Investments.”
Now is the perfect time to take one of the low cost
foreclosed homes that are on market, and with a little work you can flip it –
renovate modestly and give it some style before putting it back on the market.
You can benefit from a flipped home by pricing it aggressively for sale or
rent. Remember to be careful in pricing as there are others out there with the
same idea as you, and you will also be competing against new foreclosures as
they come onto the market.
The good news is that if you create a self-directed IRA, you
can use the money from it to buy real estate and avoid capital gains tax from
selling your masterpiece, as long as the profit goes back into the IRA. While keeping
track of all the finances can be tricky, avoiding the
taxes until you’re retired can help your money grow quickly. You may want to
meet with a tax financial professional to sort out the specifics.
For more money management tips for everything from retirement to credit, check out the
many great articles on the Equifax Finance Blog!
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