If you have a piece of land that you aren’t currently using, you may want to look for ways to make some extra income from it. While a “buy and hold” strategy is a common option, there are other ways to make money with your land without selling it. Some of these options can allow you to make passive income on a continual basis.
Fortunately, we’re here to help. Below we’ll tell you about a few of the best ways that you can make money with vacant land.
1. AGRICULTURAL LEASING
Farmers are always looking for additional land for crop production. If a farmer is looking to expand their production, but does not have the ability to purchase additional land, they often look at leasing land for farming from other property owners.
If you have open land with little weeds, many farmers will lease your land for their livestock or hay production. Crop-share leases can also be a popular way to lease for agriculture.
2. RECREATIONAL USE
Another way that you can use vacant land to make money is by using it for recreational purposes. For example, you could rent out your land to tent or RV campers on a daily, weekly, or monthly basis.
As an alternative, you could also allow hunters to use the land. If there is plenty of deer on your property, many hunters would be willing to pay to gain access to it.
3. TIMBER PRODUCTION
If you aren’t planning to use your property on a long-term basis you may want to consider growing timber. Other than initial start up costs for planting the timber and the occasional management of the trees, this can provide a nice profit when you sale the wood to a saw mill later.
You could also consider purchasing a piece of land with more mature timber which would minimize the growing time you incur and could be converted after harvest for your needs.
4. HOSTING FESTIVALS AND EVENTS
Depending on the size of your land, you could also rent it out for festivals or events. There are festivals of all types and sizes and they need land to operate on, so you may want to consider offering them a venue.
You can also host other types of events on your land as well. You may be able to rent your land out for sports games, weddings, or other events.
5. LEASING TO A COMPANY
Another way that you can make money from vacant land is to make it into a solar energy farm. Leasing your land to a power company can be a great idea and can allow you to put your land to work for you, allowing you to build income in a passive way.
Similarly, you may also want to offer your land up for wind energy installations or cell phone towers.
6. SELLING BILLBOARD SPACE
If you want to make passive income with your land, another great option is to install a billboard on it. This works especially well if your land is on a busy highway or if a lot of people pass by it regularly.
Selling advertising space on your property can be a very passive way to make a bit of extra income, so it’s well worth exploring if you have some land that is in a great location.
UNDERSTAND THE COSTS OF INVESTING IN VACANT LAND
If you want to make money with vacant land, you need to make sure that you’re exploring all of the options that are out there. Make sure that you consider the ideas above if you want to make your land work for you while not in use.
Need help with land financing? Contact us today to learn to get pre-approved!