These days, even though everything from communication to investment has turned digital, real estate is still booming. The global real estate market hit $3.69 trillion in 2021 and is forecasted to continue growing at a compound annual rate of 5.2%. Let’s take you through some varying ways you can invest in real estate:
One of the most significant advantages of open land is that its maintenance is much less of a hassle. Most of the time, you won’t have to hear complaints about leaky faucets or electricity issues either. Buying a recreational land, especially if you’re finding it at a reasonable price, can generate easy income for you. Here are a few ways you can get passive and active money from your vacant land:
Renting to Gardeners
Many individuals open nurseries on rented, vacant land or grow their own plants on it. If the plants are ornamental, you can rest assured that your land won’t see the use of unnecessary fertilizers and pesticides as well. This is because ornamental and exotic plants are sensitive to their conditions. They even prefer being in bark, coco peat, or perlite substrates, so your property’s soil won’t be damaged.
The bottom line is that you won’t have to deal with maintenance issues and tenant complaints, and your land will thrive and pay you well. You can also build a small hut or shed to facilitate gardeners and increase the property. Note that this option is only open if your land has, or is near, a decent water supply.
If your land is grassy and vast, you can let farmers use it as a pasture. However, you need to note that continuous grazing can cause soil erosion and grassland deterioration. It’s best to divide your land and open different sections to farmers at different times of the year. For example, open a section for a month and let it rest for two months to allow the plant life to recover; animal manure itself facilitates the process. In those two months, open other sections of the land. Three land zones, one open at a time, should allow you to cycle efficiently.
Renting to Farmers
If your land is located in suburbs or rural areas, renting out to farmers can be a great idea. Make sure you know the basics of doing so. For instance, your renter needs to follow a soil management plan and ensure that fertilizing activities aren’t harming nearby water bodies. If you do not care for such factors, your land’s value will depreciate. The rent of the land will also depend on the county it’s located in.
Make sure to talk to different farmers before selecting one. Their history will let you know their farming practices and ethics. Renting to bee farmers is an unconventional yet significantly more hassle-free option as well.
Using it Yourself
If you’re a fan of growing your own food, you can use your land yourself. As compared to harmful commercial agricultural practices, opt for regenerative agriculture, which doesn’t involve unnecessary chemicals, keeps the soil quality constant, and provides food at all times of the year. Vacant land will also give you ample space to make your own compost in large quantities, enabling you to avoid spending on soil conditioners. Take care of your soil by avoiding tilling, using cover crops, and keeping the soil conditioned, and you’ll be set with a profitable, environmentally friendly venture for a long time to come.
If you’re not into renting and dealing with the complaints of homeowners, you can consider the following ideas to generate income for yourself:
Build an Art Studio
If you want to invest in something that involves minimal decor, consider building an art studio. Empty, minimal spaces entice artists as they prefer their studios to reflect their personalities. You won’t have to design different rooms either. A large, glass-walled living area with a bathroom will be perfectly adequate. As multiple rooms aren’t involved, you can tweak relatively small spaces into optimal studio spaces as well. Make sure to maximize natural light and install a sufficient number of light bulbs to give the artist ample workroom at night.
Empty land will progressively get harder to access, so instead of building houses or finding new recreational land, you can begin investing in fixer-uppers. Fixer-uppers that do not have foundational problems can be easy to fix. The option is especially beneficial if you have a good sense of art and aesthetics. Partner up with a good builder, and you’ll be on a profitable journey. From offices to living spaces, such pre-made houses can be transformed completely.
Rent Office Space to Online Startups
With freelancers and small businesses increasing over the world, offices are no more reserved for multinational companies who need sprawling buildings. If you have a smaller area that doesn’t function particularly well as a residential space, you can consider renting it out as an office. Undecorated, clean places can provide the necessary space to many e-commerce startups that do not have many employees. And as businesses often have the means to take care of themselves rather than contacting landowners every single time something minor goes wrong, you won’t have to deal with fussy tenants.
The real estate market has space for many to invest, no matter whether you have vacant land or a small building. Consider setting up real estate auctions