Having a lot of land can pay off, if you hold onto it long enough. When land prices start climbing, it may be time to sell. Just make sure you have it partitioned off so that buyers know exactly what they are getting. Here are some of the most common ways your extra land can make you money.
Sell It to a Self Storage Company
Humans accumulate a ton of stuff during their lifetimes. When they are unwilling to part with it, but it is too much to keep at home, they have to store it. Here is where the self storage companies come in. They are always looking for land they can turn into self storage units. If your property is zoned for both residential and commercial use, you are more apt to sell it than if you do not have commercial zoning rights. Still, if it is easy enough to get this piece of your land rezoned to be used for commercial use, you will get interested parties. Contact a facility, like AA All American Airborne Self-Storage, for more information.
Turn the Property into Self Storage Units Yourself
Of course, you may find it easier to turn the property into storage units yourself. You already own the property, you can keep an eye on it from your windows, and your tenants can just hand the monthly rent to you since you are so close. It is also easier for you, the current owner, to request rezoning of the property in its entirety without breaking the land up and trying to rezone just the section that will be storage units.
Build Little Vacation Cottages on the Land and Become a Landlord
If you live close enough to some attractions of interest to tourists, maybe you want to convert your extra land to rental cottages. Many people have done this when they have extra land close to picturesque lakes, mountains, etc. It also helps if you are really close to popular destinations such as theme parks and resorts that are frequently out of lodging space. Rent the cottages for a day, a week or even a month.
Keep your land, but rent its use out to farmers. Sometimes farmers need a little extra land for more crops, but they do not want to buy extra acreage to get it. You can sign an agreement with different farmers each year to allow them to grow crops on your extra land in exchange for a percentage of the profits or farm goods like beef, eggs, and milk.Share