Do you want to make money from the land you currently own? What if we told you there are many ways to do so other than selling the piece of land?
Depending on the size, resources available and the location of your land, there are other ways of making money apart from building property on it.
Let’s explore some of the ideas.
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The Best Ways to Make Money from Vacant Land
As a beginner, it can be quite hard to know what to do with vacant land.
Some of the ideas will require more effort than others. But overall, you will have a basis on what to consider and think through how you can turn your vacant land into an investment.
1. Sell the Land
This may sound counter-intuitive but it can pay off in the long run if you hold onto the land and sell it later.
Land appreciates because there is no more of it. It can also appreciate depending on the demand and supply in the area your land is located.
Pay attention to the land trends to get an idea of the prices, amenities and infrastructural changes that could influence the price of your land. Then decide whether holding onto it and selling at a later time makes sense to you financially.
2. Subdivide Your Piece of Land
If you own a large parcel of land, you can decide to subdivide it and sell it in smaller parcels to make more money as opposed to when selling it as a whole.
You could sell all the land or keep a portion of it to yourself for other uses. To subdivide land, you must have a title deed for it.
Then, get a registered and licensed physical planner from the Physical Planners’ Registration Board of Kenya to prepare a subdivision scheme to the relevant County office to start the process.
Requirements for Subdivision of Land
- Official Title Deed
- Certificate of the Title Deed Search
- Duly filled PPA1 form signed by a Registered Physical Planner
- Detailed location of the land/Survey Map
- The Subdivision Scheme Plan
- Payment Receipt of Land Rates together with Clearance Certificate
- Consent from the Land Control Board
3. Rent Out the Space for Events
If you own a large piece of land, you can rent it out for functions like weddings and concerts. You could either rent out the venue as is, without any additional equipment and charge a flat fee for the grounds.
Or you could invest in tents, chairs and tables and rent them out too. This option will be more costly at the start but you can make back your money eventually the more people hire out your items.
4. Start Farming
Depending on the soil and climate in your area, you can plant different vegetables and crops to sell and make money from them.
Another great thing to do is start animal/livestock rearing like cows, sheep, goats or poultry. Get good at that skill then schedule tours to your farm to teach people how to do it on their own and share your successes.
5. Lease to Small Groups
Some people can’t afford to buy land on their own who can lease it from you. You will decide how much to charge according to the land size and the investment you want to make out of it.
6. Use as a Storage Facility
If your land is close to factories or industries, you can convert it into a storage facility for the businesses near it. The companies can buy your land to build the facility on their own or you collect rent.
There are different ways of using your vacant land to make you money. As with any business venture, always do proper research before starting and ask for help from family and friends to advise you on the best possible ways to convert it into an investment.
