A vacant lot can be two things. It can be an expensive asset that you have to pay taxes for and that’s also a haven for vandals and criminals. Or it can be a source of passive income that will boost your retirement fund. And who knows? Maybe you can leave that horrid nine-to-five job that has been a nightmare for the better part of your adult life. Whether the vacant lot you inherited from your parents or some long-distant relative is in the middle of the city or some obscure rural town, there are plenty of things you can do with it.
There are three main things you want to consider when talking about a vacant lot property. First, you can sell it. Check the market prices for lots in the area. Second, you can rent it out. There might be a small business out there that needs to rent a place in the city. And third, you can start a business on it. What you want to do will depend on your resources, capacities, and time.
Reach out to Land Developers
If you have acres of land, you may want to reach out to land developers. They’ll buy the land from you and they will develop it either as a residential or commercial community. The value of your land will increase but only after the developers buy it from you. This is the easiest path to liquidating this asset as long as the vacant lot is in a good location for land developers.
Rent It out to Junk Shops and Car Dealerships
So, you don’t want to let go of the vacant lot, right? Who knows how much it can raise its value in a couple of years? In the meantime, you can rent it out to junk shops and car dealerships. The latter often need used car lots to store their inventory. Junk shops need a large vacant lot, too, for all the junk they either have to recycle or dispose of.
Build a Parking Lot
If the vacant lot is in the urban area, you can either rent it out for commercial purposes or build a business of your own. You don’t need to know a lot about business to start a pay parking lot, right? You can start a pay parking lot with only $10,000 as a capital investment. The return on investment can be in a year or even less, depending on the vehicular and foot traffic in the area.
Start a Farmers’ Market or Other Festivities
You can also start a farmers’ market. You can earn better by renting out a spot in your lot to stall owners. Even with a small lot, a farmers’ market is possible. Just make sure to curate the vendors and to advertise it to the local community. If you have a larger lot, rent it out to a circus company. They usually crop up during the holiday season, turning vacant lots into festival grounds.
Offer It to the Local Community Association
Local community centers are always on the lookout for extra space where they can organize sports activities and other programs for the communities. Why not offer your vacant lot? They won’t pay you as much as land developers will, but you will help local kids get off the street and do something more worthwhile such as sports. Helping improve the community is also a ticket to sell the land in the future.
Make It a Campground or RV Storage
Recreational vehicle (RV) owners don’t have the space to store their mobile houses. These people need a little vacant lot to store their vehicles. By allowing access to your land, you can charge them $50 to $400 a month, depending on the extra services they will need such as access to water, septic tank, etc. Most RV owners prefer indoor storage spaces, but the outdoor is fine, too.
Install Solar Panels
If you have the capital, you can install solar panels in your vacant lot and let energy companies draw power from it. A solar energy farm is a lucrative option for vacant lot owners because a lot of households and small businesses prefer to purchase the solar energy that you produce. Electric companies can also buy energy from your solar energy farm, depending on your location and how much power you generate.
There are hundreds of options for you to earn a living from your vacant lot. You may even find it lucrative enough that you don’t have to work a regular day job anymore. Just remember to weigh your options and choose the one that will fit your knowledge, lifestyle, and the amount of work you are willing to put in.