10 ways to make money from vacant, unused land

According to business expert and author, Dr. Sanmi Akindipe also known as Successful Sanmi, there are several ways to make money from your vacant land. Rather than leave them fallow, you can turn them to a source of income.

Block industry: Instead of living the land fallow, you can decide to lease it to local block industry.

He said, “People who make blocks can pay you some good money if they are allowed to use the place. You will sign an agreement with them. They will be making blocks there. They are not going to erect a building, they will just build a shade. They will pay you for the rest of the year.

OpporTechies gathered that beyond leasing it to local block industries for use, Successful Sanmi suggested that you can start the industry by yourself and employ an individual to manage it for you but the employee will be remitting a certain amount of money to you.

“You can also found the block industry and ask them to be paying you certain portion of the money they make and keep the rest,” he said.

Car wash business: Your vacant land can also be used for a car wash business.

He said, “You can use it for a car wash business if it is very close to the road. You can give it out to people and they will start doing car wash business there. Just make sure that you sign a good agreement.”

Farming: Unused land can be used for farming. You can lease it to farmers who want to cultivate it for agricultural purposes.

“Just make sure you sign a good agreement,” Dr. Successful Sanmi advised.

Joint Venture: You can decide to go on a joint venture with people that have money. They can decide to build property there. Depending on the size and site of the land. You can agree with the person, you provide the land, he provides the property. You can share the proceeds if it is for sale but if it is for rent, you can share the rent.

You can also give it out to developers who will hold it for about 10 years, they are going to have possession of the land temporarily. then hand it back to you. Whichever way you choose, just make sure that you do a good agreement.

Car park: You can rent it out as a car park. In Lagos particularly, there is need for car parks. If your land is in a strategic place, you can actually rent it out for car park.

Telecommunications mast: Telecommunications companies can also use it erect their mast. You simply need to approach any telecommunications provider and express your interest to lease your land to them for that purpose.

For advertising: Your vacant land can be used for advertising agencies and companies to mount their billboards. Be sure to enter a concrete agreement with them.

Outdoor events: You can also rent the land to those engaged in outdoor events such as weddings, parties, or community events. Renting out the land for such occasions can bring in regular income.

Timber: For those whose land are in the rural areas, like in the village. The land can be used to plant trees for timber. It is advisable to choose those species that would grow faster and make good timber.

Horticulture: You can lease your land to horticulturists or gardeners for planting flowers. When you that, you not only make money but you are saving the planet.