Making Proper Use of your Land Before Construction
Building on your own land is a process that can take a long time, even a few years. For starters, you need to get your financial ducks in a row so that you are able to complete the project without any delays. The process of planning, getting all the necessary zoning approvals, gathering construction materials and finding construction professionals to work with also takes time. Ultimately, this means that your land is lying idle for months on end before building commences.
Is there anything useful you can do with it during this period? Below are a few options you could consider:
- Rent/lease it
There is a lot of demand for land to lease. Depending on its location, you may lease it out for a variety of uses. A good option is to lease to farmers looking to grow some crops. If the land is found along a major road or near a commercial centre, you could let it to marketers that would put up promotional material such as billboards or other branded content. The money you earn from leasing could go towards your construction fund.
Instead of renting your land out to a farmer, why not farm on it yourself? You could consume the crops you grow on it and sell the surplus. Crops such as tomatoes, maize, beans, capsicum, green onions and coriander are really easy to cultivate and are always in demand. But what if you do not have a green thumb? You can still rear animals such as chicken, goats or cows on your land, and sell them once you are ready to build for a quick profit.
- Offer parking or other storage services
People are willing to pay a premium for the safe storage of their goods. This is good news for you, especially if your property is walled and is in a secure area. Charge a small fee for people to park their cars to store their items.
- Install a community feature
Look around the neighbourhood where your land is and figure out which feature is missing. It could be a playground, an open-air marketplace, a place of worship, a park, etc. Allow your land to be temporarily used for that purpose. You may charge a fee for this service or let people use it for free. Either way, it would enrich the community and is a better use of land than just letting it lie unused.
While not all of these suggestions will be feasible for your land because of factors such as location, timeframe and the state of the land, you will find one or two practical ones.
Indeed, it is easy to just let the property stay idle, but you could be missing out on potential revenue as well as the opportunity to create value for others in your community. Find the most appropriate way to use it until you are in a position to begin construction.