It’s pretty easy to make money from land you own, and you can get started right away, or it is going to waste. Some things require investment, but they can pay off big. So, from renting it out for various purposes to using your land for advertising, here are some useful suggestions.
Build a Home for Yourself
Now, before you go running for the hills, this makes sense. Of course, the idea is to make money from the land, so how does spending money on a house help? Well, first, you don’t need to build a massive home, and services like Top Notch Homes can keep costs low with modular homes. Also, you can’t legally run a business from a rented accommodation. So, if you want to work for yourself, you will need to invest in your own future with somewhere to operate from.
Rent it Out for a Steady Income
There’s an endless list of what you can do with land, and if you don’t plan on developing it, there are definitely others who will. You can, therefore, rent out your land to accommodate other businesses. Some quick examples include housing, farming, and even franchised businesses. The money coming in from rented-out land can be quite lucrative and can set you up for life if you handle it correctly. You can also reinvest any money into more land and go from there.
Make Money from Land with Green Initiatives
Renewable energy is a huge asset these days, and developers are always looking for somewhere to place their sizable turbines and solar panels. This can generate a lot of money as the solar power industry alone is worth almost $20 billion per year, and developers will pay to use your land. You can also make income based on government schemes that reward businesses for investing in the renewables sector and energy efficiency towards a cleaner future.
Use it for Advertising
Of course, there’s nothing like good old advertising to use up some land you own. If your land is in a prime location, it can be used for advertising, such as billboards. The amount you can make is dependent on some things, though. These include the visibility from the road, the amount of traffic, and the size of the billboards your land can accommodate. The more traffic that drives past these billboards, the more you can typically charge for advertising using them.
Open it up to the Public
One of the greatest joys of land ownership is that you can share it. Rather than thinking purely about money, you can allow others to use your land for recreational purposes. Of course, you can charge, but this is entirely optional. Camping is a great example if the land you own is near an area of natural beauty, lakes, or woodland. You can bring happiness to families who may not be able to afford expensive vacations, but they can still spend time together on your land.
Building a home allows you to make money from land you own because you can start a business. You could also consider allowing energy companies to build solar panels for a sizable profit. Or offer your land to families for a small fee who just want to spend time camping.