Whether you have purchased farmland or inherited a small overgrown estate, the land will always have the potential to make you money. It will also have the potential to cost you as well. No matter the size or topography, all land has the potential to make or lose cash. You don’t want to be on the unfortunate side of this coin, but with some careful consideration, you can turn any unused plot of land into a profit machine. Here are a few options to consider when deciding how best to utilise your land.
Host Green Energy
Whether you are on a windy moor or a beautiful sunspot, there is potential to become a green energy contributor. Wind farms are an increasingly common sight throughout the world, and the need for optimal space to host wind turbines is increasing. You could look to invest in the energy yourself; however, this could become an effortful venture if you don’t have experience working in power. A simpler way to do this would be to lease your land to an existing wind energy company. This would also allow you to put a time limit on the lease or renegotiate if the land value increases. Solar energy companies, similarly, need significant space and can offer lease agreements to landowners, who have exposure to sunlight.
Sell To Developers
If your land is situated in a spot where the demand for property is rising, there may be several property developers willing to take it off your hands. Consider conducting topographical surveys on your land, so that you have this available for any developer. It will allow you to get a good view of your asset and also give developers a good sense of the number and type of property they can build on your land. A survey will also allow you to identify precisely where your land borders another so that no disputes arise further down the line, and you only sell the land you own.
Develop Yourself
Once you have the survey, you could also approach local architects and gather estimates for construction. If you have available cash that you are willing to invest in the project, developing yourself could give you a potentially greater return than selling to a developer. However, be aware that you will be managing a project that will involve planning permission, contractor negotiations, real estate agencies and could not see any return for a long time. If the poverty market collapses, you could sit with unsold property on your portfolio. However, the flip side of this is that you could also build at a time when demand increases and your profits could balloon. It is risky, but the potential for big returns is there.
Rent Out As Allotments
A low key and relatively hassle-free way of utilising space is to rent it as allotment space. The National Allotment Society reported demand for allotment space increase by as much as 300% of April 2020. If your land is near a suburban population with limited access to green space, then allotments may be a great option. You can divide the land and allocate to individual applicants, or you could approach a local authority and gauge their interest in managing the site and paying you a lease, or purchasing the place outright. The benefit of allotments is that other than clearing and division, there is little labour or infrastructure needed to get started.
Festival Space
We have all seen the beautiful pictures of rustic weddings on our social media. Well, those weddings will always need a rural location. Is your land rugged and beautiful? Does it have some photogenic spots for loving wedding pictures? Perhaps it has a clearing where you can erect a marquee? Weddings are big business, and people are willing to pay to get that rustic location. If you aren’t sure of your land being overrun every weekend by a coachload of wedding guests, then you could go for a bigger, more one-off style occasion. Remember Glastonbury started with just a field and is now an enormous festival. Can you imagine your favourite band on stage while revellers sleep on tents dotted across your green space? Then a festival might be the perfect option. You don’t necessarily have to manage this yourself. Approach successful events companies and gauge their interest in your land. You could try it as a one-off and only build if you felt it was successful and enjoyable for you.
Storage Units
Businesses and individuals will always require storage. Putting a few shipping containers on your land and offering them up to be leased as storage, is a relatively straightforward procedure. There is little needed in the way of management unless you are offering security beyond the freight container padlocks. If you are in a location with good transport links and easy access, then storage can also give you a high-profit yield after the initial outlay of the units themselves.
An Adventure Area
Stag doos, Hen doos and even families on holiday are increasingly looking for more wild and adventurous pastimes to make their trip unique and memorable. You could look at setting up your land for use as an adventure playground. The options for this are endless. You could set up an off-road ATV track, paintball arena, an archery field or a zip line. But if you are looking to manage this yourself, be sure to get relevant experts in to guide you. You will need adequate insurance for whatever activity, and you will need to ensure that your site makes health and safety standards. However, if done correctly, this could be a great fun way to transform your land into a playground that will give you hours of joy. It can be profitable, too, with the asking price for these businesses rising. People will pay for one-off experiences, and there is room to expand as well as you can diversify the adventures on offer.
Finally, whatever you do with the unused land, ensure that you are deciding for the reasons that best suit your lifestyle. If you want to pour your heart and soul into the landscape, then choose an option that allows that. If you want a big profit and to get the land off your books, then go for an option that requires less labour. Neither choice is right or wrong, so weigh it up against how you see your future playing out and how your land can best enable that vision.
