Posted on: 19 November 2019
Do you own a large plot of land that is rich with gas, oil, or various minerals? If you don't ever intend on doing anything with this land other than building a house on it, why not consider selling your mineral rights to a buyer who is interested in them? Here's how selling the mineral rights to your land could benefit you and your family now and in the future.
Get a Lump Sum Payment Now
When you sell your mineral rights, the buyer will pay you a large sum upfront, knowing that they will make the money back and then some over time. This payment could be quite substantial if your plot is large and rich with minerals. One idea would be to put this money back into your house. You can finally afford that major renovation or addition to your home that you've always wanted. Create a spare room. Add a deck or swimming pool. Take advantage of land that you weren't going to do anything with in order to make your own little corner of it much more hospitable for you and your family and friends.
Reduce Your Taxes
If your mineral rights are quite substantial, this is likely increasing the overall value of your land by quite a bit. This will therefore also increase your yearly tax payments on that land and the mineral rights that come with it. Once you sign away your mineral rights, they are no longer something that will be taxable for you going forward. So not only can you get a lump sum payment, but you can also save money far into the future by lowering your tax bill.
Make It Easier to Transition Your Estate
Even if you are actively taking advantage of your mineral rights to generate income through some method, you still might want to sell when it comes time to finalize your estate planning. Trying to pass on mineral rights can be tricky, and it might be more trouble than it's worth if you are trying to leave something to your children. Instead of getting caught up in legal red tape, why not get a lump sum payment for those rights now? Then, you can add that money to your bank account to be handed out to your children at some point in the future. It's simply a much cleaner way of handling your estate's transition.
Contact an agent or company who can put you in touch with mineral royalty buyers today for more informationShare