How to Make Money With Land: 10 Business Tips for Vacant Land
Profiting from your vacant land sounds like a dream. Some buy vacant land for a variety of reasons -- to build on it one day, sell when it appreciates, or lease it. Land is one of the best investments in the world as it is impossible to create more.
Many people find a way to make money with their vacant land that, in some cases, turned out to be a better use for it than building. This may sound too good to be true, but vacant land can lend itself to many profitable uses. This guide will explain how many are making an amazing extra or even primary source of income from their land!
Related: How To Develop Land: A Simple Guide
Is Vacant Land Worth Investing In?
Some see vacant land as a space that isn't used to its full potential. Most don't know that even without building on a piece of land, it can be a worthwhile investment that will usually appreciate while having the ability to provide unique streams of income.
Vacant land can also provide you with tax benefits. You can write off property taxes on your Schedule E form (from 1040). This can offset some of the profit you will be able to make on other real estates you may own.
How Do You Buy It?
Buying a great piece of vacant land will take some investigating into a few things. Make sure you know everything when it comes to zoning, land use restrictions, and take a look at some common mistakes when buying land.
Compare properties carefully so you can get the best plot for your money. Do your due diligence and enlist the help of an expert agent to help you with the buying process.
You can browse these sites to take a look at vacant land offerings in your area!
The 10 Best Ways To Make Money With Your Vacant Land
Event and Campground Space
Camping has been booming in the last few years as families have been seeking the outdoors for a peaceful respite from their day to day. People wanting a break from civilization has driven an exploding outdoor recreation scene that you can benefit from by renting campsites out nightly.
You will need to follow all regulations in your areas and make sure that your land is available for this use. But once you make it through the paperwork and bureaucracy, you will have an extremely lucrative business on your hands!
The market for outdoor event space is also better than ever. If your property is particularly scenic, providing a wedding for venues can make you a killing. Many have grown their incomes by a huge margin with wedding venues, and so can you.
Leasing to Solar Companies
If you have a larger vacant plot in a sunny area, you may be in luck. Solar energy is another exploding industry in the US that has companies looking for more space to set up solar panels. You can seek out solar or utility companies in your area to see if they might be interested in producing solar power on your property. This is a long term investment as it can take up to 5 years to finish, but one that can pay big dividends.
Are there a lot of horse owners in your area? Vacant lots offer the perfect opportunity to provide a horse stable. Many people don't have sufficient land to keep their horses, so they stay on other property. Consider making your land available for horse riding as well.
Recreational Vehicle Storage
Like horses, many people don't have the best places to store their RVs on their property. Across the country, RV storage facilities provide a booming business to those with large lots. You will need to provide a secure area for RV storage and be available to allow owners access, which can provide a challenge. However, depending on what you charge for storage fees and how many RVs you store, you can face a huge monthly income.
Related: What is the Cost of a Land Survey
Want the best plans to build on your property? Contact My Site Plan to get the plans you need to obtain a permit.
If you own a large area with plenty of timber, then leasing your land to a commercial logging or timber company could be the way to go. These companies will pay large sums to harvest your land for the hot commodity of wood. Don't have quite enough trees to sacrifice? Opening your land to a smaller firewood company or selling wood yourself can be a perfect option.
If your land is near a lake or the ocean, offering boat storage could be the perfect business. When your property is on the water, you are perfectly situated to open a marina, dry boat storage, or both! This also comes with the high maintenance of providing a secure space while allowing owners to take boats out when they please, so as with other storages, you may need to consider hiring an employee.
Leasing Your Property to Cell Companies
Cell tower companies need more space than ever to expand our mobile service capabilities with 5G and beyond. Reaching out to local cell providers could be an excellent way to gain a large source of income, especially in highly rural areas with one or two providers.
Leasing to Farmers
Leasing your land for farmers to grow their crops on is a tried and true model of income for land that would otherwise sit empty. Farming can be hard on land, so ensure that you know about the pros and cons of opening up your property to crop growing.
Provide a Seasonal Destination
Pumpkin patches and Christmas tree farms could be the perfect use for your vacant land and can be highly profitable. Turning your land into a destination a few times per year can be a great way to invite vendors and fun.
Raising cows, chickens, pigs, or any other livestock on your property that belong to yourself or someone else can be a highly profitable venture that is sure to provide a large monthly income.
Looking for the best site plans to develop your land? My Site Plan can draw the highest quality plans from sketches of your dream home within 24 hours!
There are a variety of ways to profit from your vacant land that we haven't listed here, but this should get your creative juices flowing for how to maximize your investment.
Although it may seem like it isn't reaching its full potential without developing your land, you can make money while waiting to sell the land or build your house!
Related: 10 Best Backyard Workspaces