Tuesday, February 7, 2023
booked.net

No products in the cart.

  • About
    • Contributors
    • Disclaimers
    • Terms & Conditions
    • Giving back
    • Mission Statement
    • Past Issues
    • Where to Find
    • Call us at 613-935-3763
  • Advertise With Us!
 
 
  • Home
  • News
  • Opinions
  • Lifestyle
  • Events
  • Columnists
  • Videos
No Result
View All Result
No Result
View All Result

4 Ways to Put Your Vacant Properties into the Asset Column

Jane Doe by Jane Doe
March 12, 2019
in You May Also Like
Reading Time: 3 mins read
6
SHARES
21
VIEWS

One way of earning passive income is through owning a property. Most landed properties appreciate in value over time. It’s possible to turn your vacant property into an income-generating unit. There are different strategies which you can use depending on the location of the land to ensure that you get a consisted income from your vacant property.

You might also like

6 Relationship Problems and How to Solve Them

How To Manage On The Stock Market As A Starter

Ways to borrow a loan with Bad Credit

Below are 4 key ways of putting your vacant property into the asset column.

  1. Rent it as a Campground

More and more people are nowadays taking some time off their busy work schedule and going for different outdoor activities including camping. If you have a spacious vacant land, you can consider renting out such a piece of land as a camping site. Once several camping enthusiasts get to know about your campground renting services, they will be more than eager to bring their friends along thus assuring you of consisted income.

Not all vacant pieces of land are ideal for a campsite. For instance, those pieces which are within the city may not offer the best camping sites. But if your property is off the busy city and is spacious, you can consider this source of income.

  1. Offer it as an RV Storage Facility

Recreational vehicles (RV) usually occupy quite a big space. Not all RV owners have enough space in their homes to keep their RVs. If you have a vacant property, you may consider converting such property into an RV storage facility.

The good thing with this option is that you will not need much maintenance. However, you will incur some costs such as vacant property insurance costs and the cost of running the facility. But such insurance is necessary as it will save you from risks associated with vacant properties and cover you in case of vandalism and other damages done on the property.

  1. Turn it Into a Junkyard

People have accumulated so many items which they don’t need in their homes. The range of these items could vary greatly. Having a junk collection center is an easy way of earning an extra income. You can have some people to collect the junk materials from different areas and bring them to your junkyard for pay. You will then contact recycling companies and sell the junk to them at a profit. If taken seriously, this business can even turn out to be a full-time business and generate a reasonable income.

  1. Parking Lot

If your property is located near a busy location, then turning it into a parking lot could be the right way of creating an income out of your vacant property. This idea is most practical where there are limited parking lots or where the cost of parking is quite high. You can take advantage of such challenges and convert your vacant property into a parking lot. The good thing with this business is that it doesn’t need much set up costs and has the potential to generate significant income.

Your vacant property can turn out to be an income generating asset. This is important as such an extra income will complement your main income source and advance your financial goals. Use the above pointers to put your vacant properties into the asset column.  But of course, don’t forget to check your city’s zoning by-laws before doing so!

Author

  • Jane Doe
    Jane Doe

    The information contained in this article is for informational purposes only and is not in any way intended to substitute care or advice from a professional.

    View all posts

Next Post
chamber

Chamber to Hold Annual General Meeting March 19

 
 
 
 
 
 
 
 
 
 
 
Facebook Twitter Instagram Youtube TikTok
Don't miss anything!

Get notified of all our new news by ringing the bell at the bottom left corner!

Content Safety

HERO

theseeker.ca

Trustworthy

Approved by Sur.ly

2022
The Seeker Newspaper is located at 327 Second Street E., Cornwall, ON K6H 1Y8 -- All rights reserved
The Seeker does not accept responsibility for errors, misprints or inaccuracies published within. The opinions and statements of our columnists are not to be presumed as the statements and opinions of The Seeker, and should not substitute professional or medical advice.
ISSN 2562-1750 (Print)

ISSN 2562-1769 (Online)
No Result
View All Result
  • Home
  • News
  • Opinions
  • Lifestyle
  • Events
  • Columnists
  • Videos

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.