Whether you inherited it, happened to grab some extra when you purchased a lot for building your home, or got it through some other method, it’s not uncommon to have extra property lying around. Perhaps you bought it with the intent of developing as an investment but don’t know what to do with it. If you don’t have a plan for your land, all it’s doing is growing weeds and costing you in taxes. You could sell it outright, but at best that gives you a one-time cash infusion while someone else reaps the rewards of building up the lot. Learn what you can do to put that land to work for you on a permanent basis. If you do develop and later choose to sell a property you can get a much higher asking price than for a vacant lot.
An empty lot is like a blank canvas. You can choose all sorts of things to put there, any number of which can make you money. The sections below detail some projects that give you a relatively versatile, profitable asset that requires little work from you.
A warehouse is a building that companies use to store equipment, supplies or merchandise. Many firms don’t own their own warehouses, as they find it more cost effective to rent or lease the space. This is where you come in. If you build a commercial-quality warehouse on your property, you can use the rent you charge to supplement your income.
Warehouses an attractive properties for owners because they’re relatively easy to build. They don’t have to be suitable for habitation, either. Here are some tips for maximizing warehouse income:
A storage unit complex is a commercial facility where tenants can rent out space on a monthly basis. You use them to hold old furniture, heirlooms and other things that you don’t have space for at home. Even a small property can host several storage units. Having renters in each one can quickly add up to lots of money coming in every month. Ther are a few considerations to keep in mind:
Unlike warehouses, whose rents tend to be negotiable per client, you need to have a rice that’s consistent and competitive with the rest of the area. Make sure to check what other facilities in the area are charging. The right price doesn’t turn away potential customers but also allows you to make money on your investment.
Any investment carries inherent risks, and there can be costs that you might not have anticipated. Here are a few common ones:
Property development is something that you can do on your own, but it’s a lot easier to find an experienced partner. Kaufman Construction and Development is your best choice in Western Washington. We’ve been in business for generations and have deep roots in the community. No matter where you are in the timeline of your project, we can help you get it completed on time and with outstanding results.
We have a wide range of architect-approved plans for turnkey buildings of all sorts. If you need help with the permitting and inspection process, we know the ins and outs of all local jurisdictions. Our team even covers building maintenance and management We’re even on hand if you later choose to make improvements and remodel your building. Basically, you provide the property and funding, and we take care of the hard part while you reap the rewards.
If you have land or plan to invest, you deserve to have the best shot at making your dreams come true. We feel the same way as you, and want all of our neighbors to succeed. Give us a call or use the contact form on this site to set up a free consultation. We’ll meet up with you and explain everything clearly and honestly. You’re only a day away from starting on the path towards profitability; call Kaufman Construction and Development right now.