As the owner of a vacant lot, you appreciate that idle property costs you money in taxes, upkeep and other expenses. Through a bit of ingenuity and a bit of effort, you can turn a vacant lot into a money maker.
Instructions
1. Find out the zoning on your vacant lot. Keep in mind that zoning can differ from block to block. Information about the zoning status of a vacant lot is found at your local planning commission office. In most parts of the country, you can find this information at either city hall or the county courthouse.
2. Enter into a sales option contract with another individual or business. Some individuals and businesses are interested in placing an option on real estate with the prospect of purchasing it in the future. A common example is a real estate developer speculating about where he might build in the future. By entering into an option contract, you will receive money for what otherwise is idle property.
3. Lease plots at the vacant lot to people in the neighborhood for use as a community garden. Community gardens are popular fixtures in neighborhoods of all types across the United States. Not only can you make money through this process, you will be adding value to the neighborhood and the community.
4. Purchase and sell vacant lots. In a community in which there is a considerable amount of real estate development, money can be made through investing in vacant lots and selling them as the price climbs.
Tags: real estate, idle property, neighborhood community, option contract, vacant lots