So many people find themselves paying property taxes and maintenance costs on land they never end up using. If you own a parcel of land, there ARE ways to make money from it. In our latest blog post, we will explore the ways you can turn unused Chicago land and turn it into cash in the bank!
Depending on the size, zoning, and location of your land, there are a few things you can do with it to make money. If you own land in Chicago we would love to help you find ways to turn it into cash!
The most obvious way to make money from your unused land is to sell it! Many people buy land, hoping to one day build their dream home. However, life often changes, and your plans to build are changed or put on hold. If you don’t have a concrete plan to build or use the land, there is no reason to continue holding on to it any longer.
We often hear people saying they are holding their land to one day give to their children. But will they want to be burdened with the taxes? Will they want to build in a spot you picked? Before you find yourself holding onto the land any longer, really think about what it is costing you, and what you are getting out of it in return. In many cases, by selling your unused Chicago land, you will be able to reinvest the profits into an investment with a higher payoff.
Depending on the zoning of your land, there are ways you can lease out the property in order to make some extra cash. If it is in a commercial area, consider leasing it to a nearby business as a parking lot. You could also lease larger parcels out for recreational or agricultural use. Many hunters and farmers will pay to use the land until you are ready to use it for yourself.
If you bought the land to build on, what is stopping you from doing so? Even if you aren’t planning on living there yet, you could build a structure on the land and rent it out in the meantime. You could build a small rental home using lower-cost materials, and create a rental almost immediately. Or you could build a commercial building on the property, adding value if you do choose to resell.
If you own a large parcel of land, you might be able to divide it and sell lots individually. This can be a very profitable way to turn your unused Chicago land into cash in the bank. Subdividing large parcels of land can be very lucrative when done correctly!
Do you own land in Chicago that you aren’t using? Our team will help you evaluate your land and the options available to you. You don’t have to continue paying taxes on it while it does nothing for you!