5 Ways To Make Money From Purchasing A Land in US
Purchasing land is an excellent investment, and it’s an easy way to make some money if you know what you are doing with it. Land is versatile, and you can use it in so many ways that can help out your investment portfolio. Have a look at this list to see some of the best ways to make money from purchasing land in the US.
Raw land is great for building whatever you want, and there are usually very few costs when it comes to preparing it, so let's check out some of the most profitable things you can build to make some money from your raw land. Be aware that you will have to look at your local laws, regulation, and land zoning before building to ensure compliance.
1) Short term rentals
Short-term rentals are on the rise, and people are always looking for unique and fun places to stay on their trips. If you want to invest in it, look into installing tiny homes. These are a great way to create a fun-looking space, and you can rent out each one individually.
If you don’t want to change the land too much, consider making it a campsite for visitors to enjoy. A property manager can help you maintain the space and keep it clean, so your campers can enjoy the area. Look at installing some lights, building bathrooms, and adding some eating areas to make it look inviting for your guests.
2) Added Storage
People are always looking for extra storage so think about turning the space into a specific storage space that can cater to the needs of the locals. If you market your storage space to the right clientele, you can make a steady income. Basic storage, like storage lockers, are great for a residential area, but rural areas might require something a bit different.
Horse stables are relatively easy to build and maintain. This works best for larger plots where the horses can roam freely. For smaller properties, look into off-season boat or vehicle storage. It’s easy to build an ample, heated, weather-safe space and rent out small areas for those who want to keep their motorcycles, jet skis, and old cars free from bad weather.
Depending on your location and the size of the land, you can do quite a few things to make the land work for you. If you don’t want to alter the ground too much, then look at a few ways you can improve the land while making a profit. Keep reading to see some great ways to use the natural land.
3) Make it green
Growing some plants or flowers on your land is an easy way to get a bit of money with very little extra work. Plants have become a hot commodity in the last few years, and it’s relatively easy to build a small greenhouse to grow some trickier plants. If you have a green thumb and some time, then you could also look at growing some vegetables too.
If your land is in a heavily residential area then look at what it will take to build a community garden. Many apartments and condos don't offer space for residents to plant, and it’s easy to layout specific plots on your land so they can grow their own plants. You’ll be making a profit from your unused land while helping your community, so this is a win/win for everyone.
4) Create some energy
Many cities will allow those who choose natural energy to sell the excess power they acquire back to the town for a nice fee. If your land is in an area with excellent wind or sun, then this might be the best idea for you to make a profit.
You can easily harvest solar energy and wind energy with the right equipment, and because your land doesn't require any additional power, it will be all profit for you. Look into what it will cost to turn your land into an energy farm and how much profit you will gain to see if this is the right choice for you.
5) Sell it off
The easiest way to profit from your land is by selling it off completely, but you can still do a few things to give yourself the best profit possible. You should talk to a real estate agent about the type of client likely to be interested in the land and prepare it as best as you can for them.
Leveling the land, fixing any issues with lines (sewage, water line, etc.), and clearing out significant debris are quick and easy ways to “stage” your land for sale. You can choose to sell your land to another buyer or look at what the city will offer you. Sometimes the city has a project or idea in mind that would be suitable for your land, and they might be able to offer you a reasonable price.
Buying land is a great idea, and it can give you a great return if you know what you’re doing. It’s often a much smaller investment than a single-family or multi-family home, and it usually requires much less to maintain, so it’s an ideal choice for low-level or first-time investors.