Many people find themselves acquiring land after a loved one passes it on to them. If you find yourself in this situation and you’ve never owned land before, then you may not be sure what to do with it. The great news is that land is incredibly valuable if you know what to do with it. If you manage to inherit property that has all the right qualities, there’s huge potential to make a profit.
Here are some ideas to consider for what to do with your newly inherited land.
If you’re not interested in taking on too much engagement with your land, then you may want to opt for the simplest option— which is to sell it. That way, you can still make a profit, but you don’t have to worry about any construction projects or making ground improvements. You may even decide to sit on it for a while and let it grow in value. Again, depending on where your land is, the more that you let it sit, the higher you can sell it for later in time.
Use It For Storage
Storage costs a lot of money. If you’re paying for a storage facility to keep extra belongings in, then you might want to consider moving it to your inherited land. You can simply transfer the belongings into some sort of RV or trailer and store your things rent-free. When you add up the price of what you would have paid for storage year after year, the savings can certainly add up.
Start a Farm
If the land you inherit is somewhere with promising soil, then you may want to consider building a farm. You could raise livestock, grow vegetables, and even invite paying visitors to take tours. If you’ve always dreamed of farm life, then owning land is a great way to get started. It’s a fantastic way to make money, and it’s downright fun living on a farm.
Build a Vacation Rental
Perhaps the land you’ve inherited is in a great spot to rent out for travelers. Whether you choose to rent it out in an Airbnb format or more of a bed and breakfast style, there’s a lot of money to be made in the vacation rental market.
The best part is, vacation rentals aren’t strictly limited to houses. You could also rent out a cabin, a yurt, or even a spruced-up trailer. There are all sorts of experiences out there that people are looking for.
Rent it Out For Events
People looking to find a space for a wedding or other outdoor event may find your land appealing. Renting out your open land is a great way to make continuous income that requires minimal effort on your part.