How To Turn Empty Land Into An Income
Pretty much any land nowadays can be considered a gold mine. Even the smallest strips of land can be put to use in a profitable way if you’re willing to think creatively. If you own some empty land or are thinking of acquiring some land, here are some of the ways in which you may be able to turn it into a source of income.
Build property on it to rent out
One option could be to construct property on empty land that can then be rented out for residential or commercial use. This could be anything from a large apartment block to a storage unit. It could be worth getting planning permission to see what you can legally build on your land. You can then hire property builders to build property on your land. Building property can be costly (especially if you need to clear the land first), however it can be a great investment in the long run.
Convert it into paid parking
You may be able to turn your land into a paid car park if it’s in a central urban area or near other attractions. If lots of vehicles are parking there each day, you could make a steady income in parking fees. A car park generally doesn’t cost too much to build and maintain, allowing you to make a relatively fast return. Of course, if you’re willing to spend a little extra on unique features like EV charging stations and security barriers, you could make your car park more attractive and increase the amount of people parking there.
Turn it into a campsite
An empty patch of rural land could be ideal for turning into a campsite. You can charge campers and caravanners for pitches and make a decent income. Of course, to make your campsite attractive, you may want to invest in some features such as bathroom facilities, RV hook ups or even some yurts for glamping. You’ll also need to make sure that facilities are well-maintained. Living on site could allow you to pour more energy into this venture.
Start your own farm
You could also consider farming your own produce to sell. Even if you don’t have a large area of land for crops or livestock, there may be ways of using a small strip of land for farming such as growing mushrooms, beekeeping or starting a worm farm. This is definitely a very hands-on investment. If you love the great outdoors and caring for plants/animals, it could be a great option.
Rent it to a solar/wind energy provider
Your land could also be used to produce renewable energy. Solar farms and wind farms are becoming increasingly popular around the world as the world moves away from fossil fuels. Using the help of an energy provider, you could install wind turbines and solar panels on your land and make money through renting the land out to the provider. The more energy you’re able to produce from your land, the more you’ll be able to charge.