Purchasing a property requires a big investment. This isn’t limited to just money. The upkeep on a sizable property also involves a lot of time and effort. When an owner is investing time and resources into a place, it only makes sense that they’d like to recoup some of the cost, or even turn a profit on their property.
Today, people are more aware than ever that there are plenty of ways to generate income from the properties they own. Services like Airbnb make it possible to rent out rooms and buildings to travelers for short periods of time. However, when a landowner has a large space, there are plenty of other ways they can monetize their landholdings.
People who live in rural areas on large spreads can be creative in the way they utilize their resources. Some people choose to rent out their undeveloped land for use. For example, some people sell access to their pasture to ranchers. This can be a win-win for both parties. The animals can graze more than their owners could otherwise allow. And the owner of the pasture earns some extra cash.
Of course, farming is always an option for people who own lots of arable lands. Right now, farmer’s markets and CSA groups have become trendy all across America. From Los Angeles to New York, city dwellers are increasingly interested in fresh produce. This kind of consumer is looking for value more than price, so there is good money to be made in this field. Specialty items like mushrooms or heritage vegetables are a great way to carve out a niche in some of these marketplaces.
Finally, some landowners will use their outbuildings as a source of revenue. People who live on old farms can make good money by offering storage to private clients. It’s not always easy for people to find a safe place to store large vehicles like boats and RVs. But barns can be perfect for this. Of course, it’s important to ensure that any old buildings are sound enough structurally to be used in this way. It’s also a good idea to check in with local authorities to see if any special permits are needed for this type of business.