by Laura Mueller
There’s a lot of investment potential in buying and owning land—including some income opportunities that you might not have even thought of yet.
Most people buy land with very specific use intentions in mind. But whether you’ve purchased land for recreation, farming, or just to live on, there may be a way for you turn to turn existing parts of your property into active or passive income streams. And in addition to putting more money into your pockets now, this can also increase the overall value of your land if you go to sell later on.
Here are some cash opportunities that are worth making note of if you’re planning on buying land or already own some land that you’d like to make more money off of.
1. Offer an on-site vacation rental
There’s a big market for vacation rentals, and a lot of interest in secluded and private getaways. So if you have a structure on your land that can be currently used or renovated for this purpose, consider getting into the game. Sites like Airbnb and VRBO take a lot of the guesswork out of hosting and managing your own vacation rentals, and make it so that you don’t even have to be on site in order to let guests in and collect payment.
2. Set up some camping sites
Even without a rental-worthy property on your land you can still make passive income by arranging some camp sites. Bonus if you can promote other recreational activities for those who choose to stay, such as bird watching, hiking trails, or catch-and-release fishing—all without the crowds of traditional camp sites.
3. Host barn events
Don’t put an on-site barn to waste. While there’s certainly more that goes into it than just hanging up some string lights and calling it a day, barns make an excellent and attractive venue for weddings, corporate retreats, and other events, and many people are willing to pay a pretty penny for such a stunning space. This income stream isn’t quite so passive since you’ll need to coordinate with caterers, planners, and the like, but it is a great opportunity if you’re looking to expand your land’s use.
4. Lease agricultural plots
Do you have arable land that you’re not putting to any profitable use? Look into leasing out select portions to hobby farmers, community gardeners, or others who want to grow their own crops but don’t have the land to do it. You’ll get a rent payment every month, and as a bonus, you’ll have someone else working to beautify and maintain portions of your land.
5. Offer indoor and/or outdoor storage
If you’ve got the space and aren’t using it, why not rent it out to people who have stuff and nowhere to put it? Consider setting up indoor or outdoor storage spaces that you can rent at competitive rates. There’s a huge need for this, especially for large items like boats and RVs and for storage in rural areas where other facilities might not be so conveniently located.
Before pursuing any additional revenue stream, be sure to check the zoning and use requirements that pertain to your land. This way, you can be sure you’re in the clear and that you can make extra cash without running into any issues.
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