One of the motive for owning real estate like lands and buildings is to generate regular income to the owner.
Owning land without generating income from it or deriving utility from it is as bad as not owning either.
If you are a owner of a vacant land in Nigeria that is currently not utilized, what you are doing is simply loosing out of some good cash that ought to be in your pocket.
A better understanding of what to do with your vacant land depends on the ideas and strategies that you are exposed to from reading articles such as this where you are informed on the best investment decision to take as land owner. And every vacant land serves two purposes which are personal and business purposes.
The personal purpose are what the owner derives personally from the land. It is in form of self satisfaction by developing a residential building for personal occupation paying rent to yourself rather than to some one else. Also taking charge of your property as the landlord.
The Business purpose are what the owner derives with the business that is done on the use of the land that generates income. It is simply the financial gain benefited in form of returns from investmentn done on the land such as a commercial property that is developed on the land and placed on letting purpose and the rent comes to you as the landlord.
Many own vacant lands in both rural and urban areas in Nigeria that are unutilized. Imagine a vacant land that has been unutilized for 2 to 5 years and how much income the owner would have made by now. Although there may be some factors that is responsible for this to include lack of fund, personal indecision about the land, family issues and so on.
Reading the right articles like this one now will get you enlightened on what to do with the vacant land in situation of lack of fund. Instead of borrowing from friends, associations and bank with huge interest on loan repayment couple with dissapointment and delays why not simply think of the best ways to generate income with what you have in hand which is a vacant land. Some of this ways depend on an individual choice and decision on what to be done and what not too on their vacant land.
Follow this tips to generate income from vacant land:
- Use or Lease the Land for football and games event centre.
Nigerians are lovers of football. They would stop at nothing and pay a reasonable amount of money to watch a football match mostly between two strong teams from UEFA LEAGUE and BARCLAY CUP. Also young tenagers love playstation games to include football, boxing, wrestling , and car race. So you can take this opportunity and make good income on daily basis by using the land for this purpose but mind you it would require buying and settting up of some equipments to run the business effectively such as a decoder and a dish, plasma tv, a generator set, building of a tent with tapolein, a play station game pad, and a set of wooden benches or chairs after which you decide how much to charge per football match and per play station games.
Now in a situation where you don't the money to buy this things and do the business, the best option is to lease the land to someone who would utilize it for this purpose(football and games event centre) over of a period of time and imvest the income that is received as rent from leasing the land because sooner or later you would want to erect a building on your land and this would need money.
- Lease the vacant land for Agricultural purposes.
Most land owners in some rural areas in Nigeria do lease out their vacant land to individual to pay and and plant any crop on it for a period of 6months to a year depending on when the crop will mature and be ready for harvest as agreed by the owner.
Apart from that, there is high demand for agric products. So you can use your land to set up a poultry farm(birds like chicken and Turkey), animal farm (pigs, goats,) and livestock farm (fish,prawn). Although it would require cash to go into this but If you don't have you simply lease out the land for this purpose or do a joint business with the owner of the business and you the owner of the land.
- Use or Lease the Land as a private car parking space.
You simply utilize your land as a private car parking space where people would have to pay to park their cars for a period of time. Depending on how much you want to charge per hour per day for parking, think about how much you would make if 20 cars are parked in your parking lot for a day.
The private parking lot business is common in the urban centres in Nigeria like Lagos, port harcourt and Abuja. And it is much better if your land is located in such place because the patronizers of this business are large private companies and organizations that do not have sufficient car parking space within the premises for its employees. So they seek for land leased for such purpose and pays for long term contract cover which is a good income to have.So to get the contract for this, simply submit a business profile indicating that such service is rendered by you. And if the company have such challenges would contact you.
Mind you, to run the private car parking space business, you have to ensure that the land is fenced round with gate, employ helping hands who would act as securities to watch and ensure the safety of the cars with knowledge of proper details of the owner so as to avoid vehicle theft which can bring a bad reputation to a business.
- Lease the land to a profession welding company.
Welding business is common in Nigeria and is also lucrative making many to venture into it. Such business usually make use of sufficient land to do welding activities of iron gates, underground iron pipelines, and underground petrol tanks. So you simply lease out your land for this purpose and get a good income.
- Lease the land to automobile repair workshop businesses.
This is popularly known as mechanic workshop in Nigeria.It is also common due to the high rate of car owners. And cars develop faults in some circumstances that the service of mechanics would be needed. So what i am saying is there would be demand for vacant land for such purpose . And at such you can lease out the land to be used for automobile repair business and invest the income that comes to you in form of rent.
To advertise your land for lease, simply design a For lease advert board and place it close to the land and in other visible places within the city. Let your contact be on the advert board so that interested clients can contact you and if you agree with the business and it is in within these categories mentioned above, then you can lease it out and generate some good income.
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