5 Ways to Use Your Recently Purchased Land

Did you know that the US has over 1.9 billion acres of vacant land?

The value of this limited resource appreciates in most places as its demand increases. More people are now interested in getting vacant land to invest in various ventures and realize more profits.

After purchasing land, you may wonder how to utilize it. While most people mainly prioritize various construction projects, you can still do a wide range of things with this asset.

Here, we provide the ultimate guide by discussing five ways to convert the land you just bought into a valuable resource. We’ll also discuss tips on weighing between different options and choosing one that matches your lifestyle, finances, and desired usage.

1. Build Tiny Houses

The popularity of tiny houses continues to rise as housing costs, especially in urban areas, increase. Constructing such properties is ideal for utilizing purchased land even with a limited budget.

The average cost of building a tiny home on a foundation is about $42,000. However, the expense can be up to $100,000, depending on the size and amenities you want to include.

If you might consider using the purchased land for a different purpose later, building tiny mobile homes is advisable. Such often consist of wood sidings, metal walls, and vinyl floors. They also have wheels that will allow you to relocate the units as needed.

2. Rearing Livestock

Rearing livestock should be on your priority list when buying land in a farming community. Here, you can rear chickens, pigs, cows, horses, sheep, goats, or even rare animals like llamas. Raising livestock, especially in rural areas, is a perfect way to keep yourself busy while earning money.

This venture is also relatively cheaper since you’ll have a reliable food source and a readily available market for your products.

3. Build a Home

Building your home from scratch is the best way to customize it according to your preferences. While most homeowners don’t have this choice and must modify pre-built properties, owning land gives you the freedom to build your dream home.

Before the construction, consult contractors like Stone Equipment Company to determine the project’s cost. Moreover, save money or get financing to speed up completion and say goodbye to your rent bill faster.

4. Invest in Wind or Solar Energy

Wind and solar are eco-friendly sources of energy that need less investment. After getting a loan for purchasing land, draft a business plan for investing in these ventures.

After that, seek financing and get all the needed equipment to construct a power plant. Once you are fully set up and meet all legal regulations, recover your investment by selling energy to homes and companies.

5. Build a Recreational Park

Recreational parks are popular places for having fun and creating memories with loved ones. If your vacant land is near a town or residential area, consider constructing a park with amenities for both kids and adults. Here, you can include facilities for activities like:

• Cycling
• Paintball tournaments
• Dirt biking

Alternatively, set up bonfires and outdoor movie screening areas where people can hang out during summer evenings.

Get More Ideas When Purchasing Land

Purchasing land is a major investment that requires proper planning. Learning about ways to utilize this resource will help you ensure you recover money and build your community.

Planning also simplifies getting the finances needed to implement your idea. For more educational posts about lifestyle and business, browse this page now.