We talk a lot about property investment. But when we talk about property investment, we’re usually limiting our thinking to buildings. We think about residential or commercial real estate. But we rarely talk about vacant land, or what some investors like to call raw land. It’s definitely one of the most overlooked assets in the investment game.
It’s easy to see why a lot of people aren’t that interested in vacant land. For one thing… well, it’s vacant. There’s nothing there, If you want it to produce an income, then you actually need to get to work and build something that can earn an income! Ultimately, an income is precisely what people are looking for when they invest in property.
But here’s the thing: vacant land can produce an income. And what’s more is that vacant land can be acquired for a really great deal. After all, the owners tend to be always absent from the property. Unless they’re actually living on the land with some strange camping setup… which is unlikely.
There’s a lot of potential in vacant land. And it’s something you should definitely be looking into.
Turning property into vacant land
Hearing about such opportunities, some people may prefer to turn property they already own into vacant land. If the building housed on the property is no longer of use, but you still want to keep that land, then you could consider demolition. This could open you up to new sources of revenue! As long as you work with the right demolition company and look into professional concrete removal, this could be easier than you think.
Letting someone else build something there
There are property investors out there who may want to buy a portion of your land. They’ll be looking to build on top of the land if the location is right. This could see you making a big profit if you weren’t planning on doing anything else with it. Of course, before this happens, you may want to make sure that the land is actually suitable for building on!
Your land could be leased out for so many different things. You could rent your land out to renewable energy companies who are looking for places to generate electricity. You could rent out the land to event organizers. Heck, if your land is big enough, people could even host musical festivals on your property! (And that can bring you some serious bucks!) Of course, if you’re looking to market the land for this sort of commercial use? Then you’re actually going to have to get acquainted with the art of marketing vacant land!
As a long-term investment
Property as a long-term investment is often very expensive. After all, it’s the building itself that makes up the bulk of the profit. You’re going to spend most of the time you own that property actually paying out for it. Vacant land, of course, is extremely cheap to take care of. The upkeep is definitely a lot cheaper than that of a building of roughly the same size. You also need to remember that the taxes on vacant land are very wallet-friendly.