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Owning land that isn’t being utilized properly could potentially be a source of lost income. Whether you have inherited land, bought a new property with some land around it, or simply bought a plot of land, not using it to its full potential is a waste of money.
With land at a premium in all parts of the country, making what you have work for you is essential and could be a great way to open up a new income stream depending on how much or little effort you want to put into it. But what are the best ways to use your land to generate another income stream whilst being utilized in the best way for you and your community?
Depending on the size of the land you have and your location, turning what you have into a holiday rental site could well be worth considering. Whether you want a singular property – a cabin in the woods with a hot tub and plenty of space to relax, or you have space for multiple rental properties, there is no denying that this can be a lucrative investment.
If you need assistance in preparing the land, maintaining any forest areas or woodland or even creating a forest and woodland area, it will be worth investing in forestry management to help you in preparing your land for future ventures in the tourism industry.
If your land is close to other farms, why not consider leasing it to local farmers to help them expand their own business and keep money coming into the local area. That being said, there is nothing stopping you from starting up a farm yourself for personal reasons or for a new business venture for you to take on. This would require an initial investment for the preparation of land, equipment, crops and/or livestock to get you started.
Depending on planning permission, creating new homes on your land is always a good investment. Of course, the number of homes you can build or even if you will gain planning permission all depends on many different things.
The size of the plot of land, location, demand, and access to the new properties will always play a part in determining the viability of using land for new housing options. But if planning is granted, this is a guaranteed way of getting a good return and making money off your land.
Again as with many of the above points, using your land for the good of the community depends on your location and amenities you can provide. Advertising your land for use for local gyms, personal trainers, education facilities, schools, and groups can all be great ways of using your land to generate an income. For example, if your land has unused outbuildings on it, why not rent them out to local small businesses for a space they can work from? If they have access to electricity, running water and plumbing, you can let them out as furnished office spaces or unfurnished rooms to be used as needed.