Most real estate investors often wonder what to do with the newly acquired land. Depending on the size of property you have bought, and the location of the property there are many activities that you can consider to do on your land.
According to Reuben Kimani, CEO of Username investment limited, one of the leading real estate company in Nairobi, Kenya; proper utilization of land is key in ensuring that you get the best out of your investment.
Some of the key activities that you can undertake in your plot for instance include the following.
- Building residential Home
If your property is 1/8th of an acre then you can consider building residential properties that you can use as home or rent for long term tenants with families. Alternatively, you can build residential properties for season clients who are on vacations.
For properties that are specifically built for vocation, then location is paramount and you will need to ensure that it is in very ideal place. For instance, properties in Ngong where it is tourist destinations for both locals and internationals, is the most ideal for such vocational properties.
- Building commercial properties like warehouse
If you have land in places where it is located near train station, major road connection and not far from town, then commercial properties like warehouse is the most ideal as you will get ready customers willing to rent your property.
- Greenhouse farming
With 50ft x100ft, you can do greenhouse farming that required little attendance and you are assured of optimal output of the produce from the farm. With greenhouse you can regulate the conditions of the crops thus influence the produce output.
- Hold for price appreciation
Sometimes when you buy the piece of the property using loan or flexible payment offered by property sellers, you might run out of development float. So might need to still take some time to save before undertaking the next development project. While you are waiting, often, land as one of the key factor of production, it appreciates in value.
In conclusion, proper utilization of acquired property is required in order to get the best out of your property. Depending on your preference and intention of the land, you can undertake temporary activities on the property in order to generate income as your wait to do develop permanent structures on the property.