If you are lucky enough to be the owner of a plot of land the potential to make a profit or passive income can be wide-reaching.
Of course, the option you choose to make money will depend greatly on the type of land you have but there certainly is potential to turn a profit from being a landowner. Here are some of the possibilities that could be available to you as a landowner.
Photo Credit: Akos Szabo from Pexels
Development of property
Whether you do this by selling land for development or undertaking the development yourself utilising the land for property development is likely to be a safe bet to yield you a positive return. The demand for housing has currently never been higher and the property market is booming. What is more, with space and land being at a premium obtaining the right land is becoming harder and harder for developers. If you have a plot of land that lends itself to residential development then selling it to a developer could provide you with a fruitful return, especially if planning permission can be gained ahead of the sale. Alternatively, if you have the capital and gumption you could undertake the developments yourself. It will of course be the more laborious, stressful and expensive option but it will give you a considerably higher return.
Lease your land for storage
Along with land adequate storage space can be a headache for personal purposes and commercial enterprises up and down the country. If you have adequate space then consider converting your land into suitable premises for storage. You could offer storage for a wide variety of items, depending on the land and space you have available. Set up expenses can also be relatively low, all you need is a secure unit and in some instances, you might not even need that. Once up and running you can lease your storage for a monthly fee providing you with a passive income.
Solar Power
Installing solar panels will incur an initial outlay but it can provide a very attractive return. By installing solar panels on your land you can then sell the energy produced from the panels to either energy providers or small companies. Alternatively, if you do not have the capital to fund the upfront costs of installing a solar farm then consider renting your land out to a company that would like to install panels on your land. Arrangements can be made that ensure the solar farm pays you a monthly rent and a percentage of the profit made. Opting for renewable energy is a great way to ensure your business’s longevity and to do your bit toward helping establish further renewable energy sources.
Horse Stables
Owning a horse has never been more popular as a result of the multiple lockdowns. Horse sales have been booming and horses are currently selling at a premium. As a result, there is an increased demand for stables. Commonly people will buy a horse and then rent stable space. If you have the space then consider installing a barn and appropriate requirements to house horses, any outlay incurred in set-up costs should be easily earned back as horse owners can pay hundreds of pounds a month in stable rentals.
