Land is a life-long asset with undisputed value and high propensity to appreciate, depending on the type of development and activities carried out on it. Here are five smart income generating activities available for land owners.
Outright Sale
Consideriing that land only appreciates, it is most likely to be sold at a higher value that it was acquired. You can sell all or only a portion of your land while you retain ownership rights over the remnant. Either Way, this is highly resourceful.
Leasing the Land
Instead of leaving your land to vacant and prone to compulsory acquisition by the government, it is wise to lease out to persons with impneding projects as long as these does not create permanent structures on the land. Churches, Farmers, Block Industries, Mechanic Workshops etc are examples of potential clients. You could make some really cool cash from just letting someon use your land while you retain ownership rights. Ensur that you have a legal document defining your relationship so as to guard against future mishaps.
Developing A Property
Building Properties is another income generating strategy for your land. This could either be for rent or sale. Sale properties appreciates the value of the land while rental properties assure a steady source of income for even successive generations. Choose property Categories that best suit the location of the land.
Agricultural Activities
The importance of food in the society makes for a large market for agricultural prodcts and consequently huge gains for its investors. You can be both a landlord and a part of these gains by either venturing into agriculture or leasing out your land to farmrs. This is suitable for lands in non-urbean areas or outskirts of urban areas.
Warehousing
Storage of goods, machineries, vehicles etc is another smart option at generating passive income on your proeprty. Like a lease, you get paid for letting persons use your land as a storage facility. A fully fenced land stands a better chance.
Read An Indispensable Stage in a Contract for Sales of Land
