Everyone knows that land is valuable but do you know vacant land can become an income-producing asset? Land without a structure built on it can be an additional source of income for you. Here are four business ideas to implement on your vacant land and cash out.
Sell the land
Of course, this is the most obvious choice. You can decide to hold on to land for as long as you want and resell in the future at a profit. After taking into the value appreciation rate. The value appreciation of land varies depending on the location of the land. A parcel of land located at Lekki would likely appreciate faster than land at a subregion in Ekiti state. Before selling the land, you can increase the value of the land by clearing and levelling the land to ease construction. This will drastically push up the price of the land.
Investing in solar energy is big right now and if you have vacant land lying dormant, even better. Installing solar panels on vacant land or renting out the land out to a company that wants to install solar panels on your land, can be a lucrative option for you. Inevitably, the location of your land will determine how feasible this option is for you. The ultimate goal is to work with energy providers or companies that would purchase the solar energy you produce. Converting your vacant land to a solar farm is worth considering in Nigeria.
Billboards are cash cows especially in Lagos, Abuja and Port Harcourt. If your land is located near a high traffic area or a commercial zone, you should consider putting up a billboard on your property and rent it out. Businesses will always pay good money for exposure. That’s more money in your pocket every month.
Again, the location of the vacant land determines how feasible this is. Lands located around prime commercial or recreational zones can earn you money off of parking fees alone. Several landowners in Victoria Island take advantage of their location and cash out on vehicle owners looking to park their vehicles during work and after-work hours. Another advantage is the low maintenance and start-up capital this venture requires. Simply clear and level your land to get started.
READ MORE: How land flipping works in Nigeria
Although this business idea might not look enticing to everyone, however, it could be a source of good money. Junkyard business is an easy way to make money. Unwanted items or items not immediately needed will be stored on your land. For instance, if you have land around a spare part dealer market, your land can be used to store damaged cars to be used for scrap.
Another popular option, especially for large parcels of land, is to rent out the space for events like wedding receptions, concerts, conferences, etc. Wedding reception venues are always in demand and are hot right now… where my owambe members at? To increase the worth of the space, you can rent tents, tables, and chairs, or offer complimentary interior design for a full package. This venture might require hands-on management but the financial reward is worth it.
Well if you don’t own land in the city and can’t venture in any of the above ventures, this could be a decent option for you. Lease out your vacant land to farmers to use your land for farming. Depending on the agreement reached, farmers typically take care of all the upkeep and work and all you need to contribute is the land. Lease periods vary depending on the nature of the crop grown. You can sign a multi-year agreement and secure an additional source of income for years to come.
This option is the jackpot! If your land has valuable minerals in it, you will be paid a lot of money to rent the land for mining of the mineral resource. Oil companies often pay huge bucks and give royalties to landowners willing to lease their land to be drilled. Who knows, you might have gold stuck beneath your land.
Which of these business ideas sounds good to you?
If you haven’t got any landed properties, here’s your chance to invest. (insert a link to the sales landing page)
Here’s a once in a lifetime opportunity to invest in Ibeju-Lekki. LekkiVale Estate located along the Lekki-Epe expressway opposite the proposed new International Airport with a C of O land title. This is our fastest-selling estate with an ROI of up to 150% in the next three to four years.