Unique and Creative Ways for using raw land – How to make Money off Vacant Land
Vacant land offers a world of opportunity but when most people think about what they can do with a vacant piece of land, they have a surprisingly small imagination.
There are a lot of ways you can put your vacant land to use. In as much as you may have bought it with the ‘buy hold resell’ mentality, you may consider putting it into use as you wait for it to appreciate in value instead of just letting it sit idle.
Many people struggle in seeing the practical application and benefits of raw land and exploring the various ways and ideas that can help you earn some income from your vacant land, before using it for the intended purpose you had bought it for, is very necessary for a vacant land investor.
There are a lot of potential options on the table in helping you gain income from vacant land as you await for it to increase in value and here we shall explore some ideas.
Individual Farming and Farming Leases
Farming is one avenue that is definitely worth exploring, depending on the size of the property, the climate, the type of soil, the demand for farming in the area and a host of other factors.
Farmland in some areas can be lease or sold at an extremely high amount of money per acre. Depending on the features and characteristics of your parcel of land, farming is a good idea and definitely worth inquiring about.
In case you do not want to do farming yourself, you may consider giving out a farming lease. This means that you can offer the land to be grown crops such as maize, beans and etcetera. The country’s economy naturally relies on Agriculture more than all the other industries as people need nourishment.
In case you have decided to have your land under a farming lease, you may need to have it a bit open thus easily accessible by tractors and other vehicles that may pick up your produce. The land doesn’t necessarily have to be a lot of acreages to be able to produce these crops.
The owner of the parcel of land is just required to write the lease agreement and then sit back down and watch as his money keeps coming in each month.
You may find it hard to believe but people who own land parcels with close proximity to airports and port harbors are actually making a ridiculously large amount of money by offering storage. Depending on what you are willing to store, the opportunities are endless. In Kenya, the importation level exceeds the amount of storage facilities in airports and harbors. This in return increases the demand for storage facilities such as warehouses that are not in the compound of these airports and harbors. These mini type facilities do not require a large amount of marketing, capital or staffing.
The need for storage has seen the growth of industrial parks on large pieces of land which have warehouses for the sole purpose of storage and are usually in the outskirts of big cities and towns.
For instance when you decide to invest in land in a place like Kamakis, or Kamulu which are both in the outskirts of town but are close to the Jomo Kenyatta International Airport, you may decide to temporarily erect a warehouse and in return earn capital.
Event space and Marketing
If you’re lucky to get a land parcel that is in a strategic location or boarders a highway, it can serve as a prime place for companies and organizations to erect event spaces, billboards as well as network base stations. Payments to you as the land owner will vary depending on the sizes of what these organizations will set up on your property, the advertising rates as well as traffic count and many other factors. As a land owner, accepting to have billboards on your land could mean millions or even billions in cash each month.
On the other hand you may decide to use your vacant land as an event space. You could host events such as weddings and garden concerts or birthdays in your vacant piece of land all at a fee. You will only be needed to decorate your piece of land, make it presentable or even go the extra mile of having the space landscaped and after that partner with other people who will offer services to your guests such as drinks and meals, security as well as entertainment.
In the event where you have a vacant piece of land in a commercial area with various apartments, you may consider using your piece of land for parking purposes. Parking is a billion shilling industry in Nairobi alone. With over 300,000 units of the vehicles bought in Kenya, 60% are bought by Kenyans in Nairobi. This in return increases the demand for parking. Wherever it is you have decided to buy land within the city, you will not go wrong by deciding to turn it into a fully fledged parking lot.
On average parking fee is 200 Ksh per vehicle and with half an acre of land you can be able to fit 100 vehicles. If this parking lot was full each night for a whole month, you would have approximately 600,000 Ksh at the end of the month.
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