A lot of people buy up vacant land in order to build property on it. But there are other ways in which you can make money out of unoccupied land. Here are just several creative ways to turn vacant land into profit.
Build a car park
Turning vacant land into a car park could be a profitable move – particularly in an urban area where parking spaces can be hard to come by. You’ll likely want to hire a company like Wright Construction Company Inc to lay down some asphalt and you’ll also need to invest in ticket machines, signs and security. However, the overall cost of converting the land is certain to be a considerable amount less than building a house. Planning permission will likely be necessary.
Set up an allotment
Allotments are shared spaces for gardening where local people can grow their own plants and produce. They’re popular in cities in which a lot of people may not have backyards. Setting up an allotment is very low-cost and you’ll be able to start charging people allotment fees straight away, making it a very profitable investment. Of course, not every piece of land will be suitable for growing plants and you’ll likely need planning permission.
Rent it out as event space
You may also be able to turn land into space for events. This could include land for weddings, festivals or conferences. Many people buy up fields for this purpose. In the case of weddings, you could consider erecting a barn or permanent marquee so that it’s not just a field. Choosing a piece of land with some picturesque scenery will certainly help. Profit depends on how many events you are able to secure, as well as the costs of cleaning and maintaining the space.
Set up a campsite
A large piece of rural land could also be turned into a campsite. By charging campers fees for using your campsite, you can make yourself a lot of revenue. The best campsites have well-maintained pitches, bathroom facilities and hook-ups for caravans and camper vans. A reception building could also be necessary.
Start a farm
An empty plot of land could also be used for farming purposes. This could include a field for planting crops or land for rearing livestock. Setting up a farm is a full-time business and there can be high start-up costs, so consider this before you get stuck in.
Create a wind farm
The demand for sustainable energy has made wind farms a profitable business. Buying up vacant land could be a chance to start a wind farm. This land will need to be somewhere that receives enough wind and you’ll have to factor in the cost of building wind turbines and maintaining them. Sites like Eco Energy offer information on how to set up a wind farm.