Like all real estate, raw land is valuable, and what you choose to do with it can make it more profitable. A lot of people have landed properties that are being kept for years without making use of it to generate more money. It is good to buy land but better to turn it into an income-generating channel.
A land that’s not being used is called a lazy asset. However, it should be emphasized that location is absolutely crucial when it comes to the profitability of investments on one’s land. There is no business that doesn’t require the use of land.
You can make money from a piece of land by renting it out for:
Events And Festivities
Renting out space for events is one of the best business ideas for raw land. There are a whole bunch of events that can take place on your land. They can be sporting events, e.g. not very professional football matches, running, and many others. You can also organize various festivals, e.g. music festivals, beer festivals, craft festivals and much more.
Local Gardeners
Community gardens are becoming increasingly popular. If your land borders residential neighborhoods or apartments, you may have luck renting plots of land to community members for their own personal gardens.
A Farmer
Maybe you’ve acquired land with excellent agricultural potential but have no desire to become a full-fledged farmer yourself. Don’t let this potential go to waste. Instead, rent it out to farmers who will care for the land and harvest crops. All the owner has to do is set up a lease agreement. The larger your plot of land, the more attractive it will be to interested farmers.