After having a difficult time financially for quite some time, I realized that part of my problem was my personal housing costs. I really began evaluating what I wanted out of a home, and I realized that I needed to shop for a place that would work better for what I needed. I started paying more and more attention to real estate risks, and it occurred to me that I hadn't invested in a smart property. After talking with my real estate agent, I started focusing on changing my ways, and it was incredible to see how much brighter my future became.
Check out your local real estate listings at any given time, and you will more than likely find multiple pieces of land for sale that is completely undeveloped. These vacant lots may not look they hold a lot of value, but in actuality, they can be really valuable if you know what you're doing. Vacant property can be picked up relatively cheap, and even if you don't plan on building a structure on the property, there are things you can do to make the land a worthy investment. Here are a few ideas.
1. Lease the empty lots out to local farmers
If you have a lot of land that boasts several acres and does not have restrictions where farming is concerned, the farmers in your area may be interested in leasing the property for growing crops. Because it can take so many acres to yield a good amount at harvest time, many farmers utilize not just their land, but the land that they can find in the location available for lease as well. Some people buy empty lots that they plan to develop later and lease the property until they get funding or time for building, which is a good way to pay for the land before it is even used for your own purposes.
2. Make the empty lot available for storage rental
There are some operations that are always on the lookout for extra space where they can store their equipment. For example, construction companies often have to bring in multiple pieces of heavy equipment when they start a project in an urban area, but they will not have anywhere to park their equipment on a daily basis. By advertising your land is available for rent to store items like this, you can usually garner an interested party or two rather quickly.
3. Allow the property to be used for natural power generation
If you have land that you know you probably won't use for a while, consider allowing your property to be used by local solar or wind energy companies. These organizations often need land to erect things like wind turbines or solar generators to supply natural energy to surrounding areas, and they will pay landowners an attractive price for use of their property. Of course, most of these companies will only be interested in using a piece of land if the landowner can commit to renting or leasing it for the long term.