Some people have a limited mindset on how they can use vacant land and generate profit from it. Perhaps the reason may be from the lack of viability research or not becoming daring enough to try new business ideas. 

In reality, there are many opportunities to make money from raw land. So long as your plan follows local zoning code, you can always realize what you have in mind. Here are some examples of how you can generate money from vacant land. 

Construct a Spec House

Since most vacant lands are zoned for residential properties, the common and best way to use it is to build a speculative house. There are various types of residential property you can build on your vacant lot: a single-family home, duplex, or apartment. 

If you don’t want to sell immediately after the construction is completed, you can opt to live in your new home. The best time to put your house on the market is when the demand is high. This could make it easier for you to sell your property. 

Use The Land as an Outdoor Storage Facility

For an outdoor storage facility, you only need to invest in a large wall, fence, or locked gate (aside from the land). Tenants will pay you money to use your storage facility to park their car, trailer, RV, boat, or heavy machinery. 

This business idea can give you a stable profit monthly or annually. The bigger the size of your land, the more money you can make. 

Renewable Energy Production

You can lease or sell your land to a company that produces renewable energy. Given the negative impact of climate change, the world is now turning to renewable energy like solar and wind as power sources. 

If your vacant land is in a suitable location to harvest solar or wind energy, power companies might be interested in using it to build solar panels or turbines. Or, you can invest some money to develop the land yourself and turn it into a renewable energy plant. 

Billboard Spot

Owning vacant land in a trafficked area can be a good opportunity for a billboard business. You can place a billboard almost anywhere, with a few restrictions. The cost to realize this business idea depends on the type of billboard you want to build. 

Make sure to talk to nearby businesses if they want to advertise in your billboard spot. A billboard advertisement can help businesses grow profit. It will be a win-win situation for you and the business owner.

Food Truck Park

You can’t imagine how many people will be interested in using your vacant land to set up their food truck business, especially if your property is near a busy area. If you have large enough space, you can turn it into a food truck park which you can lease to interested individuals or businesses. 

Hamburgers, pizzas, hotdogs, tacos, sandwiches, shakes, milk teas, smoothies, or anything that can be consumed on the go are great to sell in a food truck. 

Pop-up Market

You can sell anything on a vacant lot if there are enough potential customers passing by it. No need to build a permanent store to sell something. Set up a simple stand to sell seasonal items, such as fruits, vegetables, fireworks, or Christmas lanterns. You can also collaborate with other businesses in your area and lease your vacant lot to them. 

Raise Livestock

A vacant lot in a rural area is a perfect fit for raising sheep, cows, goats, horses, pigs, ducks, or chickens. As long as you have a grassy space, you can raise and breed livestock yourself or lease the land to a farmer. 

Grow Food Crops

If you have large-size farmland and the soil is suited for farming, you can generate money from it by growing food crops. Food production is an excellent source of income, and you can choose a variety of crops to plant on your land. Leading food crops include wheat, rice, potato, corn, cassava, and soybeans. 

You can also choose to sell or lease your farmland. Talk to an agricultural real estate agent to know how much you can sell your farmland per acre. 

Easement Access

Individuals and businesses are willing to pay to use your property as access to the main road or any other important features. If you want your vacant lot to be used as an easement access, make a contract stipulating that the easement will only be used for a limited purpose and time. 

Takeaway

There are many opportunities to make money from your vacant land. Just know your local zoning laws and ensure that your property is fit for the business idea you have in mind. Do viability research and get some advice on how your vacant land can generate profit.