Investing in real estate is a wise investment decision to make due to high returns associated with it. You can buy real estate e.g land for investment purposes and leave it vacant for its value to appreciate. If you are one of such people, here are some of the things you could do to earn some income from that vacant land as you wait for it to appreciate.
Beekeeping or honey farming has huge untapped potential.
Whether a small or a large chunk of land you can reap big by starting this kind of farming. It is simple and relatively cheaper to start. An ideal location would be one away from noise and human disturbance.
2. Dig a Borehole
Water is important in almost everything that we do. Digging a borehole is an easy way of getting some extra income from your land.
If your land is closer to a town, you can set up a water kiosk and earn money from it.
3. Camping ground
If your land is in close proximity to a tourist area such as a lake, a park, or a mountain, you can turn it into a camping ground and rent it out to visitors.
You can also do this if your land provides a neat view or other features that people might be interested in.
The demand for furniture is high. If you have a vacant land along a busy road then you can make a nice passive income from it by setting up a furniture shop.
5. Event venue
Make quick cash from your land by renting it out for different events. Corporate and social events such as weddings will pay good amounts to be hosted on nice grounds.
Just start by doing proper landscaping and you are ready to go.
6. Parking lot
The number of motor vehicle units being bought in Kenya every year keeps rising. This makes parking business a potential multi-million shilling industry. If you have a vacant piece of land in Nairobi or in other towns around Kenya, you can reap big by turning it into a parking lot.
The cost and requirements for starting such a business are low. A 50*100 plot around Nairobi can fit about 25 cars each paying about ksh 200 per day.
7. Timber harvesting
Depending on the size of your vacant land, you could choose to venture into this kind of business.
The Kenyan government continues to put lots of pressure on timber suppliers to protect different sources of wood. The good thing with this business is that you can choose to do it yourself or lease out your land to lumber companies.
8. Set up a storage facility
The other creative way you could make use of vacant land is set up a storage facility. This can be a more lucrative business for those whose land is around airports and ports.
There is a lot of money to be made from this business, from statistics, our export and imports as a country exceed our storage capacity. Note also that the capital required to set up a storage facility is not that much.
9. Set up a marketing space
If you are one of the people whose land borders a busy highway or is strategically located, then you should consider reaching out to marketing or telecommunication companies.
Depending on the location, these companies can pay good sums of money to set up billboards (along busy highways) or network mast base stations (high altitude areas)
10. Lease it out
The economy of our country is agriculturally based. While waiting for your land to appreciate, you could simply lease it out for different types of farming say maize, wheat, watermelon, vegetables, and many others.
The income you can get from doing so is directly proportional to the size of your vacant land. All you need to start earning is to prepare a lease agreement and reach out to potential investors.