10 Business Opportunities for Vacant Land: How to Make Your Next Investment Pay Off
If you see an opportunity and have some cash to spare, you might be tempted to invest in a plot of land to resell it at a profit. After all, land can be a lucrative investment if you know what you’re doing.
Fortunately, there are many situations where buying land to resell it is perfectly sensible and advisable. But as with any other kind of investment, you must do your research before jumping in. If you’re thinking about buying vacant land so that you can resell it at a profit at some point in the future, here are 10 business ventures that can help you make your money grow.
Build a Parking Lot
If you happen to find a spot near a busy shopping center, a tourist attraction, or an office building, you can invest in building a parking lot. Many parking lots are public, meaning you can make money from them as long as you can prove their value – which, in many cases, is pretty easy when thousands of cars are running through each day.
Depending on the location of your parking lot, you can charge businesses for monthly or daily parking permits, plus hourly rates for on-street parking. You can set a flat daily rate if your parking lot is near a tourist attraction.
You may have heard of people making huge profits by building warehouses or manufacturing facilities near significant shipping routes. While this can be a great way to make money, it’s not easy and competitive.
You need deep pockets and be prepared to wait long before seeing a profit. If you find an abandoned or run-down warehouse – especially in a good location – you can turn it into a modern, industrial building such as butler buildings that can be used to store goods or manufacture products.
If you buy a large enough structure, you can rent it to other businesses. Building a warehouse or manufacturing facility isn’t for everyone. It can be expensive, and you must be prepared for long-term projects. On the other hand, it’s an excellent long-term investment and can pay off nicely. If you choose the right location, you may not even need to sell the building.
Create A Campsite
People always look for places to park their RVs, especially during high tourism. If you can find a cheap plot of land close to a major tourist destination, consider developing it into a campground or RV park.
You can also develop a campground suitable for tents and smaller RVs. Doing so can help you attract a broader range of customers, many of whom might be traveling on a budget. If you purchase a plot of land to create an RV-friendly campground, you may want to research zoning laws. Some areas have strict rules about where RVs are allowed to park.
Tiny home developments are becoming increasingly popular. Tiny home developments are all the rage, especially among young people looking to simplify their lives. If you’re able to find a cheap plot of land and are willing to put in the necessary work, you may be able to start a lucrative business by building a tiny home development. People looking to live in a tiny home are often willing to pay a premium for the experience.
However, tiny home developments are a bit different from traditional RV parks. Unlike an RV, which has wheels and can be parked almost anywhere, tiny homes have foundations. You’ll therefore need to purchase a plot of land that’s large enough to accommodate the foundations for several tiny homes.
Start A Storage Unit Business
Have you considered starting up a storage unit business? All you need is to invest in units big enough for people to store their belongings; from here, you can choose to have a self-serve or operated facility.
You need to ensure you are providing safe and secure premises with useful utilities where required, and you can choose fees for the duration of the storage length per customer. This venture can require a significant investment but can prove lucrative over time.
Develop A Pet Park
Many cities now require pet owners to walk their dogs daily, regardless of whether leash laws exist. If you have a 5-acre plot of land, you can build a pet park where dogs can play and get exercise. You can charge a small fee for dog owners to drop their pets off for playtime.
Use Land for Recreational Pursuits
If you live near a lake, river, or a popular hiking trail, you can consider building a miniature golf course, a basketball court, or a zipline. If you build these attractions, you’ll likely be required to obtain a permit from the city.
Once you have a permit, you can charge for people to play basketball, go golfing, or ride the zipline. You also can build a course or attraction that doesn’t charge a fee but allows people to come and play or practice on it. Depending on the area, this can be a popular attraction, especially in the summer when lakes and trails get busy.
Mobile home parks can be an excellent investment. If you find a plot of land near a major metropolitan area, you may be able to start a lucrative mobile home park. People who own mobile homes often look for a place to park their homes for a long-term period.
Additionally, unlike trailers, mobile homes appreciate over time. Before you buy land intending to build a mobile home park, you’ll want to ensure you meet the necessary zoning requirements. You don’t want to purchase a plot of land only to discover that operating a mobile home park is illegal.
If the land you own is close to a city or a town, you might be able to turn it into an event rental site. This can be incredibly profitable if you can secure contracts with people who want to rent your land for sports tournaments, music festivals, and other events.
You’ll have to consider the value of the land, the profit you’ll make from the event, and the cost of the event itself before calculating the potential yield of an event rental site. As with any other kind of business, it can be challenging to find customers and secure contracts. But if you can do that, you can make money from renting your land for specific events.
Vacant Land: Land Rentals
If there’s a desirable feature on the land you own—such as a lake, forest, or beach—you might be able to rent that land out to people who want to use it for recreation. This is especially true if you can secure a contract with a local government that might want to use your land for educational programs.
People who want to do outdoor activities such as kayaking, fishing, or hiking might be willing to pay to use your land, which can help you turn a profit. Depending on the features of your land, you might be able to charge hundreds or even thousands of dollars to rent it out each month.
Vacant Land: Conclusion
Buying land is a wise investment that can help you secure your financial future. When you buy land, you’re purchasing a long-term investment that can provide you with a regular income for many years.
As with any other investment, you must choose the right piece of land if you want to be successful. When you know what to look for, you can find high-value land that will make your next investment pay off.