A piece of land is a versatile asset that can be a lucrative source of income if positioned in a strategic location. If you manage your properties well, you can generate a steady profit without the stress of most ventures. What you need for this investment is a plot of land and the kind of business you want to use it. Having a vague idea of what kind of venture you can develop the land into will not be enough. You’ll know the perfect business to invest in with a bit of research.
By knowing your land’s surroundings well and the kind of market you’ll most likely have, you’ll come up with the best idea for it. For example, suppose it’s in a busy town. You can use it as a commercial space and lease it out to shop owners, and if it’s near tourist spots, establishing an inn or a homestay will help you make the most profit.
Keeping your piece of land lying around will not increase its value. While it’s still a part of your assets, you can benefit from it by developing it into one of the properties below.
Turn It into Lodging
Travel has always been popular among the old and the young. So when you capitalize on that and if your land coincidentally is somewhere near popular spots, turning it into lodging is the best idea.
If you have yet to get land of your own, you can entertain the condo unit for sale listing you’ve seen on some housing websites and use it for short-term lodging like an Airbnb. Building a bed and breakfast venture or even a homestay will let you accommodate short and long-term renters and get reliable income all year round.
Lease It Out While You’re Away
Going away for work or moving to another city to grab an opportunity you can’t pass on may require you to sell you’re home. However, say you have the financial capacity to fund your move without liquidating your house. You can keep it under your name and use it to get additional income.
For example, you can rent it to individuals looking for a six-month to a year-long contract. You can even benefit from not having to come back once in a while to deep clean your vacated home and get on top of maintenance and repairs.
Rent Out Your Extra Space
If you choose to live a minimalist lifestyle and have plenty of rooms to spare, you can use those to make money on the side. Living with a roommate who can pay for accommodation and split utility bills with you is a guaranteed win-win situation.
However, you can still make money without the housemate situation if you value your personal space and don’t want anyone infringing on your privacy. You can rent out storage spaces and use your available rooms to keep other people’s belongings within a limited amount of time.
Having a new start seldom entails selling off your properties. But if you feel like your piece of land will thrive better in the hands of other people, you can let your property go by selling it. There are advantages and disadvantages to having a structure built on your land and selling it as a barren piece of investment.
Some people might like that there’s already an establishment made on it since they only have to do renovations instead of building one from the ground. In contrast, others will opt for one that no longer needs demolitions—it all boils down to the market you’re planning to offer your property.
Develop It for Commercial Use
Unlike a passive one like real estate, people who have a knack for handling an actively managed business can use their property to house the shop they plan to have. With a privately owned plot of land, you don’t have to worry about making the monthly payment and spend the money you save on the other aspects of your enterprise.
But despite the benefits of having your own shop space, you now must think about the perfect venture to establish according to the area’s market.
Try Urban Farming
Money is not the only thing you can raise on an empty lot. If you’re not entirely down with the idea of manning an inn or selling your land, you can use it to further your lifestyle instead. Fresh produce can be hard to come by in the city. Using your plot, you can create an urban farm to get your share of newly harvested vegetables and fruits.
No matter how premium the space is, as long as you know how to maximize every area using tiered plant holders, you’ll get to reap healthy crops.
Don’t let your piece of land lie around much longer. Get to developing it to earn money and generate a reliable income.