If you live somewhere with an abundance of vacant land, you may be standing on a goldmine.
The main challenge is knowing what to do with it. So long as you’re investing and using land in line with zoning and environmental laws, there are a number of ways you can turn dirt and earth into an investment that’s sure to grow. Here’s how you should start:
- Turn it into a camping ground
If the land is located near forested areas offering breathtaking natural views, you can turn into a tourist draw by accepting campers on the site. There is a growing market among RV campers, so use this as an opportunity to turn the vacant land you own into a source of passive income. However, you will need to make sure the land itself is suitable as a campsite so long as it’s at least 20 feet by 20 feet.
Once you have decided to turn your land into a campground, consider listing it on platforms like Tentrr. These will provide you with the infrastructure and features you need to build your campsite. Another noteworthy tool is Hipcamp which allows you to list the land as a camping ground that’s ready to welcome adventurers.
- Lease it out to investors and companies
The most basic way to earn from vacant land is to rent it out to large corporations or investors. As the country’s largest metros have become too congested and expensive, companies are looking elsewhere to find valuable land they can afford. If you have a large enough portion of unused land, it might be suitable for farming or the construction of a commercial complex.
Land values surrounding the area may increase as more investors come pouring in. If you plan on selling the land sometime in the future, you could get a handsome return. It’s only a matter of promoting the land to investors and brands that are hunting for cheaper leases in emerging markets. Make sure that the land is presentable by getting rid of debris and dead trees. You can also add features such as a water well and an access road to make it more attractive to the right people.
- Sell your mineral rights
No one knows what lies beneath the surface of the vacant land you know. The only way to find out is to excavate the ground and unearth valuable resources. If you don’t have the means for that, you can opt to sell your mineral rights to a company that’s willing to dig deep.
Mineral rights refer to your ownership of every underground resource covered by the land that’s registered in your name. That means you have the exclusive right to dig the land and claim ownership of the oil, natural gas, and precious metal deposits you may find underneath.
Selling your mineral rights transfers the ownership of any natural resource to another party that can exploit the land. Leasing is also an option, but there’s still the risk of not finding any resources. You’re therefore left with a damaged patch of land once the lease expires and your mineral rights are returned to you. By selling your mineral rights, you’ll get paid a larger sum regardless if there are any resources underground. If selling your mineral rights seems the most ideal option, check out The Mineral Auction, a platform that helps you get the best offer.
- Convert it into a dog park
As the demand for pet-friendly facilities increases, you may find an opportunity to turn your vacant land into a puppy paradise. Dog parks are in demand because pet-friendly amenities have become a priority among homeowners. If your neighborhood lacks a proper green space for canine companions, then the unused land you have may address this need.
When constructing a dog park, fence the area and add water features such as fountains and a makeshift lake. You can also prepare a picnic ground for families on an outing with their dogs. A playground would also be a good addition as this will be perfect for active dogs. Just be sure to lay down some ground rules, particularly when it comes to picking up feces and dealing with aggressive breeds.
- Use it for advertisements
If the land is located beside the freeway with lots of vehicle traffic, advertisers will consider this as strategic placement for billboards and other promotional campaigns. By allowing the land to be used for advertising, you will be able to earn massively each month.
Then again, this will depend on the brand that’s using the space and the suitability of the location. Still, the best advantage of this is that only a small amount of the land would be used for advertisements. If only one billboard were constructed, you would still have lots of vacant land to use. This would be an advantage since you can still lease out this unused portion to farmers looking for pastures or business owners planning a new development.
- Build a recreational area
Drive-in cinemas saw a resurgence in popularity over the last three years, and this has led to a rise in the demand for land meant for leisure. Aside from constructing a park, other ideas may include a paintball arena complete with obstacle courses and a jungle arena. You can also turn this land into a min-golf course that’s friendly for children.
A more unconventional option is to lease out the vacant land to a film production company that’s looking for open spaces to serve as movie sets. This would be even more ideal if you’re located in a state with lower taxes. Production companies are always hunting for low-cost film locations, so offering your land as a backdrop for an upcoming blockbuster will surely be lucrative.
There is always a high demand for vacant land and there are landowners who keep paying taxes on lots that stand idly. If you happen to own one, you have a potential source of passive income that will keep increasing in value. Use these tips and live off the land with minimal effort.