With inflation at an all-time high this year, figuring out ways to make some extra money is on many American’s to-do lists. If you own vacant land in Central Florida, you’re sitting on a great opportunity to put some recurring income into your pocket. With a little bit of work, it’s totally possible to turn your land into a thriving business.
Land is a valuable investment for two reasons. It appreciates over time, and you can leverage it to produce revenue. Transforming your land into an income source requires some planning and dedication, but vacant land is like a blank canvas — there are so many things you can do with it. Allowing land to sit vacant and unused is a major opportunity cost. If you have a vacant property, below are several ways you can leverage it to turn a profit.
- Develop A Rental Property
If your land has access to utilities and infrastructure and it’s in an up-and-coming area, consider developing rental units. Whether it’s a single-family home, condos, or an apartment complex, owning rental properties is a great way to generate some extra income. You’ll need to find a developer and ensure the property is zoned for residential construction. - Raise Cattle
Owning cattle certainly isn’t “passive income”, but it can pay off in a big way. If you can invest in the development of proper farming infrastructure, beef and dairy cows can result in significant income. Plus, cattle can help to preserve the quality of your land. - Sell Storage Space
People are always looking for extra storage space. Well-protected, temperature-controlled storage units can produce a lot of income. If you don’t want significant development overhead, you could simply charge for boat, RV, or vehicle storage. All you’d need is fencing and a surveillance system. - Charge For Hunting or Fishing Tours
If you have a large piece of land with plenty of wildlife or a large pond or lake, you can charge to allow people to hunt or fish on your property. If you also enjoy these hobbies, you could serve as a guide and curate your own hunting or fishing experiences for others to enjoy. - Start A Solar Farm
You won’t find a better place to start a solar than sunny Central Florida. A solar farm is a collection of photovoltaic panels that absorb sunlight, turn it into electricity, and push it to the power grid, where it’s used to charge businesses and households. This could be a great way to generate income while also supplying alternative energy sources. - Board Horses
Many equestrian lovers don’t have the land available to board horses, so setting up some stables and offering board and feed can be a lucrative business. You could even offer horseback riding lessons for extra cash. - Build A Driving Range
With a little effort, a large vacant lot in Central Florida can be transformed into a golfer’s paradise. This is another low-overhead business concept that is relatively easy to get off the ground. Land maintenance, golfing pads, tees, balls, and the development of a clubhouse will make up the majority of your costs. If you’re an avid golfer, this might be an enjoyable business/hobby. - Grow Crops
With plenty of rain and sunshine and a long growing season, it’s no surprise agriculture is a huge opportunity in Florida. If you’ve always wanted to live off the land, you can grow almost any crops in this climate. Starting a farm requires hard work and dedication, but it can be a very lucrative venture. - Start a Campground
Properties with scenic views, lakes, and hiking trails make for excellent campgrounds. As long as your land has access to utilities and infrastructure, a campground is an easy concept to launch with minimal overhead.
Selling Your Land is Also an Option
If you’re not interested in utilizing land to build a business, selling your land is also an option. It’s a great time to sell because quality land suitable for development is extremely limited and developers are quickly scooping it up in Florida for new home construction.
Selling land is different than selling a house — the market is smaller, the sales strategy is different, and the cycle time is longer. To maximize your return, take some time to identify your property’s best traits, identify your target buyer so you can market your listing appropriately, and find a good real estate agent who specializes in land transactions.
For more tips on utilizing land for income or to buy or sell a property, contact the team at Palmetto Realty today.