You bought land as an investment, and you are now facing rising inflation and difficulty accessing materials for development. What can you do to make additional income and protect your investment? The experts at Regalway Homes are here to help!
We have been in the investment property and development business for long enough that we’ve made it through the high and low times. There are plenty of ways to earn additional income on your property if you think outside the box a little.
Here are some ways to make extra money on your investment property.
Rent your land for farming.
Many people throughout Ontario are looking for land. If you have a lot of land, you could consider listing it for agricultural use. 40% of farmland in Ontario is owned by non-farmers. In other words, it’s common and helpful to rent out your land.
By renting your land to farmers looking to graze livestock, you can improve the soil level of your land. This could make your land more of a commodity in years to come.
Use your land as a host.
A growing trend across the US and Canada is Harvest Hosts. Using Harvest Hosts, you can offer your land to self-sustaining campers and RVs for free. Why would you do that? Good question! By partnering with the farmer who has rented your land, or a local brewery, or winery, you allow people to stay on your land in the hopes of attracting them to local attractions. If you partner with a brewery, for example, you could earn a referral commission for every guest you send their way.
Take it one step further: create an RV space.
Whether you want to offer full water and power hookup or simply a hard space for campers to park safely, Canadians love to camp, and it wouldn’t take much of an investment to start earning income this way.
Storage Space
Boat or camper storage is extremely lucrative with very little investment required. With winter storage at $29/ foot, you can make $12,500+ each year by allowing a 36 foot boat to park on your property.
Buy & Hold
Land is always a commodity. If you can afford to buy and hold a piece of land in Ontario, you are almost guaranteed to make good money. Over 14 million people live in Ontario, with many more frequent visitors from neighboring regions in Canada and the US. Buying land in the south will be more lucrative for a short term investment, but land in the north is easier to find and more affordable.
The experts at Regalway Homes can help you choose the best piece of land, and also plan your development strategy if that’s what you choose. Get in touch today using the free consultation calendar below.