Mr Apollo Mwesigye got a job and wanted to invest in real estate, he bought land but along the way got distracted and the land remained vacant. Four years later he hoped that his land had gained value and attracted development but to his surprise he found a permanent house. Mr Mwesigye example is what many have gone through especially who buy land and leave it vacant may be because they don’t have immediate resources to develop it.
But do you know that you can unlock the hidden potential of vacant land and get steady income with careful planning and right approaches. These vacant lands can become lucrative assets and valuable sources of income in the world of real estate.
Whether you own land and want to make money from it or you’re looking to invest in land, this guide will show you how to turn vacant land into a profitable venture.
One of the ways is tree planting. Both building materials will become scarce because of population growth, these prices will climb considerably. This will cause the demand for wood as alternative building material to increase and this will have positive effects on the prices. In Uganda, eucalyptus is one of the trees that grows very fast on the right sites. So if you have vacant land, this could be a better option to invest in.
Another way to benefit from vacant land is leasing it out for farming. Leasing out your land can provide a stable and consistent environment for vacant land owners. As most agricultural lands are being converted into developments like commercial and residential areas, there is a growing food insecurity threat in urban areas so the opportunity of leasing out your vacant land for agriculture is very ideal.
However this also requires you to be careful and make sure you make legal and comprehensive agreement with the one you are leasing out your land to because some of the people may become a problem to get them out when you want to develop it. But even though you lease your vacant land out, do not be an absentee landlord, constantly visit this land to make sure the tenant still uses it for the purpose per the agreement you made.
But you can also use your vacant land for backyard gardening, vegetable growing, flower growing and poultry farming.
Using vacant land for storage or parking purposes can provide a steady stream of income. Many urban areas face a shortage of storage and parking spaces, making vacant land an invaluable asset. To tap into this demand, you must put in the necessary infrastructure like ensuring the environment is safe for storage or parking, providing basic amenities like electricity, fencing and other security to make your land appealing to clients. But also here you also have to do regular checks on your land to make sure those you have rented it out to adhere to the agreements you made.
Outdoor advertising, if your land is beside the highway or in any other strategic location, you can put up billboards on the land and charge the advertisers for displaying their adverts on your billboards.
Another lucrative option for monetising vacant land is by offering it as a venue for events. You must realise that most people making parties no longer go take them to the villages they prefer gardens, but even at conferences some people prefer open places with cool environments, it can also be a camping site so if you have a vacant land in town you utilize for such activities. But to tap into this opportunity make sure you make sure the appeal for your land is attractive. For example, make sure it’s easily accessible, add beauty to it through landscaping and other necessary amenities like electricity, and wash rooms to make it attractive.
Your vacant land can also be turned into an amusement park. An amusement park attracts various such as rides and games as well as other events for entertainment
However to utilize your vacant land for these activities make sure you develop comprehensive rental agreements that clearly outline the terms and conditions for using the land as an event or filming location. This should cover details such as rental rates, duration of use, responsibilities for setup and cleanup, and any restrictions. Renting your vacant land for events and as recreational facilities can be a rewarding endeavour, particularly if your property possesses unique features or is located in a desirable area.
Agritourism involves numerous activities usually carried out on a farm or a ranch that allows individuals and families to view and enjoy a wide range of rural activities. Agritourism is becoming a hugely popular activity among the masses of present-day societies. Turning your vacant land into a fine spot for agritourism is a prosperous plan indeed. An example is Excel Agritourism center in Biharwe that has an agriculture museum, demonstration gardens, nature walks among others.
You can use your vacant land as resort, cottages, Porch or Tree houses. These are unique resting places that most people and families would love to relax and enjoy from. So constructing a resort or villa in your land can be a better option for utilizing your vacant land for business.
Plant nursery .The world today has a great sense of fashion in everyday work. Gardeners are now showing more interest in finding new varieties of plants. The nursery business is very profitable and demanding, and you can easily run your own plant nursery business. A successful nursery offers a wide variety of young plants to customers who purchase the plants individually or in bulk quantities.
You can also turn your vacant land into a parking lot. If you look around Mbarara City you will witness that cars are increasing now and again. However, you will also realise as cars increase, there is a constant demand for parking them. Parking lots are comparatively less in number and you can help in adding one more of them for the convenience of the society you live in. Leasing your land or turning it into a parking lot by yourself will help you earn all the proceedings that come from it.
However Mr. Herbert Tushabe , the Chief Executive Officer Amity Realtors advises that it is important to note that utilizing your vacant land and actively seeking opportunities to maximize its potential needs a concise guide to help you at least an experienced and professional real estate agent. At Amity Realtors ltd we have a network of buyers, we are abreast with the local market demands, and we can assist you market your land effectively. But also land markets at times require professional consultations apart from real estate players like planners, surveyors, and environmentalists whom we can easily link you to because they are part of our partners. So for more inquiries visit our offices at Kyosiga house, Markan Singh Street in Mbarara City.