Most people start their property investment journey with the acquisition of land and they progress to development of the land while some opt for selling the land in future at a higher price. Between the time the land is acquired and to the point where the land has generated enough capital gains that it can be sold at a profit lies an idle time. This Idle time can be referred to a period where lands are the left bare without generating any income.
How to make money with your land becomes a big question most people want answered
Making money in this period can be challenging but not impossible, you might even have to go the extra mile in turning your idle land into a product and selling the benefits of the product to potential customers. Listed here are a few tips on how to turn your Idle land to money.
Tips to make money with your Idle land
Lease: Putting up your land for long or short term lease is a great way of generating income while you try to save up to build your house. We know that residential apartments and commercial building are the most common types of property put up for lease, but there are other uses to land that require leasing for example, factories, land for fish farming, planting, feed making, etc. To put up your land for lease, you would need to talk to Realtors, entrepreneurs, farmers who would need these lands.
Make Shift Warehouses: This would favour people who own lands in already developed places. Providing cheaper warehousing options would be a good way for your idle land to make money for you. Instead of building permanent edifices that are capital intensive, you could consider other less cost intensive and less permanent options like containers and this can be obtained at scrap value. As absurd as it may sound you would be amazed that you would find someone who would take your offer as long as the land is located in a safe environment with fencing, a gate and is easily accessible.
Agriculture: While leasing your land is one way to make money with your Idle land, getting involved in Agribusiness is a better way of generating income if you can afford the time. The best approach to this is to seek expert advice who can guide you through the entire process. From the type of crop to produce to nurturing it till it’s mature enough to generate income.
Car Park Spaces: Inadequate car parking spaces is a major challenge in big cities. If your land is located close to a big organisation, church or market you can offer them your land and charge rent or you can put a sign board saying “car park”. At a subsidized fee you get to generate income from your land.
Event Space: If your land is easily accessible, central and large enough to take a lot of people, turning it to an event space would be a another way to make money with your idle land. Where there are funds available you can choose to have big tents placed or with the help of a horticulturist you can get creative and opt for covering the entire land area and walls with carpet grass and charge a premium as rent during events.
I hope this article has been enlightening if you have more ideas please put them down in the comment section and you can begin your Real estate journey with our lands up for sale in Ajah, Lakowe and Ibeju Lekki. For site inspections Please call Confidence on 08064709273.
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