Owning land is a very effective way to make money, but a lot of people don’t go about it in the right way. It can be difficult knowing what to do with your plot of land because there is very little guidance on what to do, but after reading this you’ll have a much better idea on what to do! Here are 3 things that you can do:
Sell Your Land
This is a great option if you don’t want, or don’t have means, to develop your land. Plots of land are very valuable, varying in value because of their area and the size of the plot. There is a very large market in selling land, a lot of companies will buy land to use for their own means, such as building a store or a warehouse, in order to further aid themselves. This is where you come in. Websites like Uklanddirectory offer services to find your plot of land that will be registered with them, and put it up for sale on their website for a minimal fee. You can make a lot of money off of selling land, they range from £50,000 and can go upwards in the millions, so it’s also useful to request the help of an expert who can tell you exactly how much your land is worth so you’re not losing out on any money when you come to sell it!
Develop And Sell
A very similar way as the previous, but it has a twist that can make it much more valuable; a developed building. Obviously this completely depends on how large your plot is and how much money you are willing to spend on your project, you could build a house and double the value of the land, or if it’s very large you could build a warehouse or an office and sell it to a company for millions! However, the drawback of this is that a lot of equipment, time and money is required. You’ll need equipment for earthmoving to put the foundations of the building in,, you’ll need to hire builders and purchase all the necessary materials. This isn’t doable for everyone, so before you start doing this you have to make sure you can afford it and have the time. Oftentimes people take out loans to aid them in their project, simply because it would take too long to save the money up to complete the build. Companies like Santander offer medium sized loans that are perfect for getting the cash injection you need to start building
Renting Your Land
The more “sustainable” option out of all 3 is to rent your land out. Companies and individuals don’t often want to spend loads of money on buying a plot of land, it may not suit their business needs or they may not have the money for it. You can make more money this way if your land is developed because then the potential renters have something to use, but sometimes you can rent undeveloped land out to agricultural agents for them to use for farming. Sites like uklandandfarms offer services to rent out your land, posting them up on an online board for people to view. You can choose how much you rent it out a month for, but make sure it’s a realistic price or people won’t want to!
Hopefully you will pick up these tips on how to best use your land and begin to do what is right for you! Each of the 3 different options depends on the size of your land and how much money you have at your disposal, so don’t feel inadequate if you can’t do one of them! If you’re thinking of renting out a small property, read this article to make your life just that extra bit easier.