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