11 Surprising Ways Vacant Land Can Fuel Your Dreams
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by Richard Morrison
- June 30, 2020
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Are you looking to turn your dreams into reality? Vacant land can be an excellent starting point for achieving anything from building a custom home, to investing in real estate. Here are 11 surprising ways vacant land can fuel your dreams!
As a real estate agent here in BC, I come across many opportunities for people who want to make their dreams become a reality with the help of vacant land. From utilizing solar energy and permaculture gardening techniques on rural plots of land, to finding urban parcels that would provide easy access to downtown amenities; there really is something for everyone when it comes to taking advantage of vacant land near you.
If you’re interested in learning more about how vacant land can open new doors for you, read on! You’ll learn everything from what type of property might best fit your needs and budget, to interesting facts like why having electricity already installed on the lot could save time and money down the road. So don’t wait any longer – let’s get started unlocking those possibilities today!
Key Takeaways
Vacant land can fuel your dreams in many ways. Some popular choices are:
- Selling the land as-is
- Camping or other recreational use
- Building a house or other structure
- Starting a farm or garden
- Conserving the land
- Renting land for events
1. Sell Land or Build your Home
Do you love deals?
If you are business-minded and looking for a great small business idea, land investors make a living buying and selling land.
Provided you buy at the right price, it can be very profitable!
KEEP READING: Is It Cheaper To Build Or Buy A House?
2. Build a Fishing Pond
Is fishing a die-hard hobby for you?
Why not create your own fishing pond to satisfy your itch!
If you have a large enough parcel in the right location, this is certainly feasible. Especially if you have a level lot in Vancouver for sale!
Put some basic amenities in place (picnic tables, parking, etc) and you can also charge rent to fishing aficionados in the area.
3. Create Trails
Did you buy your property because you love nature?
Want to preserve an idyllic woodland while also creating an income stream?
Build a few trails around the property with some signs providing information on local flora and fauna.
You can then charge a small membership fee to hikers or others who want some time out in nature.
You may even be able to convince some of your members to volunteer their time preserving the trails.
Just make sure you take care of the natural eco-system!
4. Offer Adventure Touring
Perhaps you are the adventurous type.
With a large parcel, you can create trails on your property for mountain bikes, ATVs or snowmobiles.
If you really enjoy these activities yourself, you could even lead tours around the property.
People will pay a decent amount for an adventure!
5. Invest in Alternative Energy
Passionate about renewables?
Or perhaps you are just looking for a savvy investment.
In the right location, you can lease your lot to an alternative energy company.
In parts of the US, this is one of the most profitable uses for vacant land!
READ MORE: Go Green: 6 Ways to Live More Sustainably
6. Sell Your Development Rights
You can also sell the development rights to your property to a public or private entity that is looking to preserve the land as open space for farmland or conservation. Perhaps you can do some land subdivisions in Vancouver.
An easement will be placed on the property limiting development, but you can still use the land as the owner for hunting, recreation, farming or other uses that do not require development.
If you really believe in preserving your region’s farming or natural heritage, this is a way to do what you believe in while also making some money.
7. Create an Airbnb Glamping Business
Glamping is all the rage right now.
Take advantage of this and create your own Airbnb business renting your land out for camping.
Take it a step further and create a full glamping set-up, or even a cabin.
Many folks are making a great income this way!
IN FOCUS: Is AirBnB Allowed in Vancouver?
8. Create an Animal Sanctuary
Do you love animals?
Is your dream to help care for our four-legged friends?
Sadly, there never seems to be enough space to house the numerous animals that are abandoned each year.
Build the necessary infrastructure on your land and create a business caring for the creatures that no one else is able to.
9. Farm the Land
If your dream is to escape the big city and live off the land, you can put your huge lot in Vancouver to productive use.
With the right soil, you can farm enough for your needs and sell the excess produce to farmer’s markets.
If you like the idea of growing crops, but don’t want to invest too much time and energy, you can always grow something easy (like hardy herbs) and still make a nice profit.
10. Create an Event Space
Are you an event planner?
Love creating magical moments for others?
A beautiful rural lot is the perfect place for weddings and other major life events.
Plan out the perfect setting and set up the right amenities for the kinds of events you want to attract.
You can then make a nice income stream renting the space out.
11. Sell with Owner Financing
If you are looking for a stable monthly income without much work, you can sell your land with owner financing.
In this kind of arrangement, the buyer makes monthly payments to you over a number of years.
You get a steady amount of money each month rather than one lump sum.
Just make sure you are able to find cheap land in order to maximize your profit.
And Much More
So, these are just a few ways land can be used creatively to make money.
For nearly every passion or interest you may have, there is a way to use your parcel of vacant land to turn this passion into an income stream.
Just make sure you check all local regulations before moving forward with any modifications to your property.
Frequently Asked Questions
What Is The Best Way To Find Vacant Land For Sale?
For 2023, Canada has seen a decrease in the number of vacant homes, with estimates ranging from 13,260,000 to over 13,266,000. This is a drop of 2.6% from the previous year. Furthermore, vacant land makes up the majority of business and government-owned properties in Canada.
The first step is finding out what type of property you want to purchase. Are you interested in residential or commercial property? Do you have any specific zoning requirements? Once you have identified your needs, use online search engines like Strawhomes.com Zillow or Realtor.com to start searching for available properties in your area. This will provide you with comprehensive information on pricing, location, size, and more – so make sure to look closely at all details before making a decision.
Take advantage of local agents who specialize in land transactions as well. They can offer valuable insight into current market trends and suggest potential sites that may not yet be listed publicly.
Are There Any Tax Incentives For Buying Vacant Land?
Investing in vacant land may come with certain tax incentives that could make your dream purchase even more feasible.
As an experienced real estate agent, I understand how important it is to get the best deal possible when investing in property. But what if I told you there was a way to potentially save money on your investment? That’s right – buying vacant land can offer some great tax benefits depending on where your property is located and what you plan to do with it.
In many cases, local governments provide various tax breaks and credits for purchasing vacant land as part of economic development programs or community revitalization efforts. These incentives can range from reduced property taxes to grants and loans specifically designed to help people buy properties in designated areas.
So be sure to research any potential discounts before making your next move – they could very well end up saving you thousands of dollars!
How Can I Finance The Purchase Of Vacant Land?
It’s important to understand your options when it comes to financing this kind of real estate investment. Here are a few ways you can fund the purchase of vacant land:
- Obtain a loan from a bank or other lender
- Consider seller financing (if available)
- Secure an equity line of credit against existing property
- Utilize sources such as crowdfunding platforms and grants
As a real estate agent, I’m here to help guide you through the process. If you’re looking for traditional mortgage lenders, they can provide loans based on factors like income history, credit score, and debt-to-income ratio. This isn’t typically used to finance larger purchases because these types of properties often require more capital than what banks will approve.
Seller financing is another great option for those who don’t qualify for a traditional loan. The terms of the agreement are generally negotiable between both parties, so make sure you review them carefully before signing anything.
Additionally, if you have other properties that have built up some equity over time, consider taking out an equity line of credit against those assets. This type of loan allows you to access funds without affecting your current finances or monthly payments – perfect for funding large investments!
Finally, depending on where your dream project is located there may be additional resources available to assist with purchasing vacant land.
What Are The Risks Of Owning Vacant Land?
Buying vacant land can be a great way to fulfill your dreams, but it is important to understand the risks involved. When considering purchasing any piece of property, there are certain potential hazards that must be taken into account in order for you to make an informed decision. Here are some of the most common risks associated with owning vacant land:
- Unforeseen expenses – There may be hidden costs associated with properly maintaining the land or even making improvements such as adding utilities and access roads.
- Lack of development – If zoning laws restrict what can be done with the land, this could limit its long-term value.
- Liability issues – If someone trespasses or experiences injury on the property, they could sue you and seek damages.
As a real estate agent, I cannot stress enough how important it is to weigh all these factors before investing in vacant land. You need to research local zoning regulations and consider possible environmental concerns so you know what you’re getting yourself into when making a purchase.
Additionally, consulting a lawyer should also help protect you from any legal ramifications down the road. Taking all the necessary precautions now will ensure that your investment pays off in the end!
How Can I Maximize The Value Of My Vacant Land?
Vacant land can be a great asset for any savvy investor. Did you know that the market value of vacant land has increased by an average of 8% in the past five years? That’s right, despite the current economic climate, owning vacant land can bring big returns.
So if you’re looking to maximize the value of your property, here are some tips from a real estate expert.
First and foremost, research is key! Make sure you understand what kind of zoning restrictions may apply to your area before investing in vacant land. Knowing these details will help you plan out how best to use it – whether that’s for commercial or residential purposes.
You should also consider partnering with local businesses who could benefit from using the space, such as farmers’ markets or pop-up shops. This is a great way to generate more revenue without having to invest too much up front.
Moreover, take advantage of tax incentives available for utilizing unused spaces like vacant lots. In many cases, this includes reduced taxes on improvements made to the lot over time as well as credits for developing renewable energy sources like solar panels or wind turbines.
Additionally, look into government grants that may be offered specifically for projects involving green infrastructure or sustainable development.
These programs often provide funding towards initiatives related to protecting natural resources and creating vibrant public spaces that support communities long-term growth and success. By taking advantage of these opportunities when they arise, investors can increase their ROI while giving back to their local community at the same time!
Conclusion
Did you know that owning vacant land is one of the most affordable investments? It’s true: the price tag for an acre of land in Ontario can differ depending on where it’s located and the zoning regulations; however, the typical cost is approximately between $4000 and $5000.
.. This makes vacant land a great option if your budget is tight but you still want to invest in something tangible.
In addition to being affordable, owning vacant land has other potential benefits as well. With some foresight and effort on your part, it could become a source of passive income or even provide amenities like hunting grounds or fishing spots for yourself and others who visit. The possibilities are endless!
If you’re considering investing in vacant land then don’t hesitate any longer; there are plenty of opportunities available out there just waiting to be discovered and explored. Contact me today so we can discuss how purchasing this type of asset could help make your financial goals come into fruition!
Sources:
https://homeguides.sfgate.com/advantages-buying-vacant-land-47468.html
https://discountlots.com/top-9-under-the-radar-uses-for-vacant-land/
Ready to turn your real estate dreams into reality? Contact Richard Morrison, Vancouver’s top realtor with 20+ years of experience. As a Medallion Club member and RE/MAX Hall of Fame award winning agent, he’s the expert you need on your side. Whether buying, selling, or investing, Richard’s personalized approach and deep market insights ensure a successful transaction. Reach out to Richard today at (778) 900-2235 and make your real estate journey seamless and rewarding.
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