Most of the people believe that vacant land can’t be profitable unless you build a structure on it. Whereas, the opposite is true. There are many creative ways to add value to your vacant land outside of building on it that you can easily earn a reasonable profit from owning vacant land.
Today, we are sharing “5 Creative Uses for New York Land” so you can adopt any one of them and start forecasting profitability.
Using vacant land for the purpose of raising livestock is a lucrative option when your property is within a designated rural agricultural/ farming community.
The livestock production in New York is worth an estimated $2.4 billion and considered as a very thriving business. Also, the future of Livestock is bright and “More than 85% of the farmers believe that New York Livestock sector has potential for growth in future”
According to one NY Beef Producer. “There is great potential for growth! We are situated close to large cities, with ample supply of water & pasture”.
Concisely, livestock is a significant business within the NY state and can open a new way of your vacant land. There stands a domain that you can step in! But, some homework needs to occur and get specific knowledge about available livestock in New York state and more specific the type of livestock:
Around 63% of the total New York State is classified as forestland, and investors usually don’t know what they can get from the wood. The abundant natural resource can be harvested from the land and sold to the market for a substantial cost.
Numerous investors buy vacant land in New York State just to harvest timber, we know that acquiring the land is another consideration but their topmost priority is to sell timber.
Countless investors buy vacant land in New York State solely to harvest timber, we know that raising livestock on the land is another consideration, but their topmost priority is timber. The reason being; Investors can earn anywhere from $500-$2000 per acre land by selling timber. The price per acre is dependent on the market strength and type of tree, but if you manage to sell the timber on your 1 acre property only once a year for $1,500, the annual income per acre will be $100 by annualizing it over 15 years.
If this piques your interest you can start working with an experienced real estate expert that can help you understand the depth value of the property and the advantages it can bring. Sometimes you may get to buy the property with timber that is worth more than the property itself.
Solar Energy Farming
Using vacant land for the purpose of solar energy in America is on the rise according to the Solar Energy Industries Association (SEIA), in 2016, solar installations represented the largest source of new energy generating capacity in the United States, beating out other green energy-rivals like as natural gas and wind.
Is it time to convert the old ways of land usage into Solar Farming? Although not all properties can be converted into utility-scale solar power plants, but instead of buying electricity from the statewide independent system operator, you can lease set solar panel onto your vacant land and generate enough electricity to power your local community.
If you are looking for something paramount, then you can sell or lease the land to a solar power company, and they will pay you a considerable amount of money. But your land should be highly applicable for this purpose.
Hence, you can buy or use vacant land specifically to generate power. For people owning land in the NYS, the opportunities are endless. It has consistently been emerging and ranking in the top 10 US solar markets. So, what do you think? Is it a good time to invest in solar energy?
Start An Apple Orchard
Starting an Apple Orchard is a noteworthy option because there is usually a high demand for this produce in New York State. As NY apple growers harvest a whopping 29.5 million bushels of apples annually, making New York the second-largest apple-producing state in our country. There are many points to consider for beginners, like expecting to pay $10 to $20 per tree, and the plantation of 100-400 trees per acre.
Also, The atmosphere of New York State is opportune for starting an Apple Orchards and is befitting of growing apples, not only from boosting our health but also impacting the local economy. We suggest you grow apples on your vacant land because there is potential in the apple market as New York is the 2nd largest apple producing state immediately after Washington.
If the vacant land you’re interested is situated in New York State, why not take advantage of starting an orchard?
Build A Community Park
Beautiful places are sometimes better to build community parks. Community parks induces the surrounding area to be more appealing and attractive for future investors and the community at large. When you build a community park on your vacant land, not only other people benefit from it, but also the value of the surrounding land increases.
You might notice whenever a construction company introduces a new residential plan, they never forget to include a community park because they know its importance.
Many investors use this tactic to increase the value of their land. They buy vacant land and share a small portion with the local people as community parks. When the area starts to get enough attention, they typically put the land to sell and ask for higher prices.
Conclusively, if you are looking for vacant land and found one that’s not buildable with a beautiful view, you can build a community park to get the joy of nature and future-profit.