Have you recently bought or inherited a house which has a lot of land with it? It’s a fantastic situation to be in, but it can be a little daunting. You’ll of course want to make the most of it, in some cases you might even be able to make a decent amount of money from it too. Here are some suggestions if you’re lucky enough to own some land.
Build property on it
If you own a significant amount of land, one option could be to build another property on it which you could then either sell or rent out. Of course, you will need to go down the relevant routes for this, securing planning permission and so on. But it’s a great option to go down to make the most of any land you have. You could even build a home for your children to live in when they’re older so you’re all nearby, or create a bungalow or granny flat for a retired family member to come and live in later in their life. Building property from scratch isn’t as expensive as you might think, it can be cheaper than buying a house that’s already built as you don’t have to mess around with renovations, rip out old DIY attempts or pay surcharges that finished properties often have on them.
Lease out the land
If you’re unable to build property on your land (or just don't want to) then you could simply lease out the land instead. This could be utilised by a farmer, an event planner, even a cell tower company- a cell tower attorney will explain this in more detail for you. You can charge a monthly, annual or fee for each use and it’s the perfect way to make some money from land that’s not being used. Be sure to draw up proper legal contracts, making it clear exactly what people are allowed to do (and not do) on the land. For example, you might rent it out as a campsite but ban caravans and RVs if it rips up your turf. You might ban campfires and have rules surrounding barbeques and noise.
Own animals
If you’re an animal lover then owning land could be the perfect opportunity to own some. It could be horses, alpacas or chickens. You could look into breeding dogs, with plenty of space for kennels and place to run around it could be the ideal environment if you get the right licenses. You could build stables or kennels and then run a business surrounding this. You can be as involved or uninvolved as you like, if you don’t want to run things yourself, you always have the option of hiring someone to do it for you.
