how to make money from idle land
SO you have taken the plunge, spent all your life savings to invest in a piece of land and fulfilled your life-long dream of finally owning real estate. The number of people who have bought land as an investment and don’t know what to do with it as they await its value to appreciate is baffling.
So what can you do to make some money with that vacant land instead of waiting for its value changes?
We know it is hard to believe this, but there is a lot of money in storage. Those who have invested in land close to airports or port harbours will benefit more with this kind of business. Kenya’s current importation level exceeds storage facilities at the airports and harbours, increasing the demand for storage facilities outside these areas. Developing ‘mini-type’ facilities does not require much capital.
Parking is a billion-shilling industry in Nairobi alone. With over 30,000 units of vehicles being bought in Kenya every year, 60 per cent are in Nairobi, inevitably increasing the demand for parking. Wherever it is you have bought land within the city, you won’t go wrong with converting it into a fully fledged parking lot. The average minimum charge for parking in Nairobi is approximately Sh200 per day and, say, about half -an-acre of land can fit around 100 vehicles.
Now mentioning timber harvesting doesn’t necessarily mean venturing full-scale into the logging business. A lot of timber suppliers are coming under pressure because of the strict government measure to protect any form of wood source. Lumber companies are looking for new locations for wood. Your vacant land can act as a source for them or contractors, if you lease it to them.
Marketing and Event Space
Suppose your vacant land borders a busy highway or it is in a strategic location, it can serve as a prime location for companies to erect billboards, network mast base stations and events space. Payments to landowners will vary depending on the size of the sign, current advertising rates, traffic counts and numerous other factors. But if you are fine with having a sign erected on your land, it could mean thousands and even millions of shillings in your pocket each month.
Yes, we are talking wheat, maize, beans and crops similar to that. Kenya’s economy runs on agriculture as much as other industries are growing.
Naturally, you will need to have an area on your land that is open and can be accessed by a tractor, but then again it doesn’t have to be a lot of acreage.
Most farmers are looking for land where they can plant.
All the owner has to do is set up a lease agreement and then watch the income roll in month after month as he await the land value to appreciate.
Source: the star