Whether you earn from a vacant property or not, you are going to pay for its taxes. Otherwise, the government will have legal rights and means to seize it from you. Considering that properties—even the ones in far-flung areas—cost thousands of dollars, that’s a big blow to your assets. But why would you let a property remain vacant for long without earning from it? Land is an incredible asset. Even without a building, you can make a profit from your vacant lot.
But first, you have to call a land clearing company in Brenham, Texas or other cities. You have to clear your land off garbage, weeds, stumps, stones, and other obstacles. You need to get a clear picture of how large the property is and what possible things you can do with it. Here are some ideas:
Lease It Out
Of course, the most obvious thing to do is put up a “for lease” sign on the land and let others develop it. But this also means giving up control over it for a long time. If a lessee is to construct a building on your land, the contract will last for 10 to 20 years. That means that you won’t get to develop the property for that period. The good thing is that you’ll have a building after the contract is up.
Turn It into a Parking Space
If there are establishments surrounding your property, you can turn your vacant lot into a paid parking space. All you need to do is to hire a parking attendant to collect the parking fees. It’s a legitimate business that requires very little capital. All you need is an attendant and perhaps a security guard to keep the vehicles safe.
Build a Warehouse
You can build a small storage warehouse if you have the capital. You can rent out space to people who lack space in their own homes or businesses. The pay will be on a monthly basis. You can earn as much as $70 per storage room. The return on investment is fast. Not to mention, there’s very little thing you need to do to maintain a warehouse or storage space.
People are always looking for ways to de-stress. Lately, they love the idea of camping alone or with their families. Turning your vacant lot into a campground is a smart business idea. You can charge $20 to $30 per night. Imagine, if you have at least 10 campers each night, you’ll earn at least $200. Of course, this business venture requires insurance, so you have to check that out.
Invest in Solar Energy
You can install solar panels on your land and let small businesses and energy companies buy the solar energy you produce. A lot of homeowners, too, want to get off the grid and use solar energy. While this requires huge capital, the return on investment and profit are high.
You will never run out of ideas for your vacant lot. You can turn it into a junkyard, a hunting ground, or a space for billboards. Find out the demands of the area where the property is located and try to meet those demands.