Owning land is a lot of work. Between the cost of upkeep and paying annual taxes, it doesn’t take much to get behind on the bills. Whether you're waiting to build a dream house or just purchased more land than you can use, here are 10 creative ways to make money off your property.
1. Pasture Feeding
If you have land that is good for pasture feeding, consider renting it out to a local farmer or rancher. You can allow horses, cows, sheep, or any other grazing animal to feed off the land and charge a year-round usage fee. (You will need to provide a fence around the pasture if one doesn’t already exist.)
Rent out large plots of your land to local farmers for additional cash. You can rent out multiple sections if you have enough. The farmer is responsible for all the work and maintenance. Charge an annual or seasonal fee, depending on the type of crop being grown.
3. Growing Plants
There are certain kinds of plants that sell well on the open market. This includes gourmet and medicinal mushrooms. Some mushroom varieties are ready to pick in as little as 15 weeks! You can also grow seasonal plants, like pumpkins, that capitalize on specific holidays.
4. Bed and Breakfast
One of the more popular ways to earn extra cash is to rent your home out as a bed and breakfast. People will pay good money for a weekend away from the city. You can even rent out some space as a youth hostel if you want to do the bare minimum.
For those that live near an urban setting, renting your land to campers is a great way to earn some extra money. You can add more appeal if your land is close to a large body of water and you can offer basic amenities, such as a shower and toilet or free Wi-Fi. Of course, you can always do the bare minimum and simply clear out an area for campers to set up tents and enjoy the outdoors.
There is a lot of money in the storage business, especially when it comes to large vehicles like boats and RVs. An old barn or covered area is a perfect place to store these types of vehicles year-round. Just make sure you consider your local land ordinances and double-check that your insurance will cover damages.
7. Dog Kennel
You can always use your extra space to keep dogs when their owners are away on vacation. You will need a fenced area for the dogs to roam and get exercise and an enclosed space for feeding and sleeping. A retrofitted barn or workshop can do the trick, though you may need to add air conditioning or heating depending on the climate.
8. Event Hosting
If you have a large barn not in use, consider renting it out for events. You can charge large groups to use the space for work outings, parties, and weddings. You can even supply the groups with tables and chairs and charge them an additional fee.
9. Harvest Timber
If your land is composed of a lot of timber, you might consider harvesting the wood for profit. In fact, the value of your timber might be greater than the land itself, depending on the types of trees in your area.
Renting out your land for recreational use is a great way to earn money year-round. You can advertise for a number of different sports including paintball, mountain biking, snowmobiling, hiking, and bird watching, to name a few. Again, remember to check for proper permits in your area to avoid legal fees down the road.