If you own vacant land, it doesn’t have to be just that. In fact, you can even use your vacant land to start making some nice money. So yes, you can turn your vacant land into a nice income-producing piece of property. You have to realize that land is very valuable, even without have anything built on it.
Here are some of the best business ideas that you can do in terms of turning your vacant land into an income producing property.
Earning Money from Your Vacant Land
There are actually several different ways that your vacant land is able to help you earn some extra money. While these ideas may not work with every type of land out there, it will give you some ideas of how to start making money off of the land that you own. Here are some of the most popular ways that you can start earning extra income off of your vacant land.
- Sell your land
One of the simplest and easiest ways to make a nice passive income off of your and is to hold onto it for a little bit and then sell it for more in the future. Depending upon what type of land it is, your return on investment has the potential to be huge. However, to really make this work, you must understand exactly how the land in your particular area is going to appreciate. In fact, if you are so motivated, you can even clear your land, level your land, and then prep your land for buildings. If you are in the right area, this has the potential to increase the value of your land exponentially.
- Start Storing Boats
While you are not restricted to just boats, one of the easiest ways to make money off your land is to simply let other people pay you to store their stuff there. Boats for example, are a great idea for you to store on your land, as the owners are going to need to keep them somewhere all winter long. The best part about it is that as soon as the weather starts to get nice, they will take their boats for the season and you can use that space to store other stuff. On top of that, if you were to go to an actual storage facility, storing a boat can be up to $150 per month or more. Not bad for letting somebody use a small piece of your land.
- Forest your Timber
If your lot of land has a lot of trees on it, you can always harvest that wood for timber. If it doesn’t have any trees on it, you can always plant some, hold the land until the trees grow, and then harvest the wood for timber. Or maybe you decide to start your own firewood selling business in the wintertime. If you do decide to go this route, depending upon what type of tree you are trying to timber will dictate how long the tree takes to grow.
- Store RV’s
Most of those who own RVs have no place to store their ‘toy’ when they are not using it. The RV is more than likely not fitting on their property and the local storage facility is more than likely already full of them. This means that you can easily make some extra money by allowing people to store their RV on your vacant land. This does mean that those people will need access to your land, bit that won’t be hard at all. Depending on your location and the size of their RV, you can easily make between $50 to $450 per month. While indoor RV storage is usually in much higher demand, if you were to allow 10 RVs to be stored on your vacant land at an average of $50 per month, you would have an easy $500 in passive, extra income.
While there are a ton of other ways that you can easily make extra money with your vacant land, these are some of the simpler ideas that you can get started on ASAP. Just remember to always check with your local area about any permits or anything like that you may need so you don’t end up getting fined later down the road.