While it may seem an impossible thing in this day and age of high real estate costs, there is still plenty of land that lies fallow, unused and forgotten. In many cases these lands are too far away from ‘society’ to count for much, or they cannot be farmed. There are also cases of land being tied up in litigation for years. This leads to land degradation and considering that land is such a precious commodity right now, here are some ways in which you can develop a property till you can sell it for much more money than it is currently worth.
Put Up a Structure
Few empty lots will sell quickly because whoever buys it will then have to invest quite a bit more of their money into making something of it. However, if you have the foresight to construct a multi storey building there, you can easily paw it off as an office rental Hong Kong because people are always on the lookout for corporate spaces that have the specs they are looking for. Find an architect who is talented enough to design the least costly, yet most efficient building that he/she can think of in the land you have. Remember, the more time you take to get the building up, the more money you are losing over the land.
Sell for Multi Purposes
Unlike a tall multi storied building, a larger yet shorter building would serve more purposes. For instance, a single-storey structure can be used for corporate purposes but can also be let out for commercial lease, for instance a shop. Again, it is better to consult with an architect and perhaps, also a real-estate agent, in order to find out how best you can utilize this space. The good thing about doing this is that it will retain its currency for many years to come as long as you maintain it.
If you have the initial capital to invest in it, you should definitely look into putting up an industrial units for sale – at least a small one with maybe 4-6 apartments. Not only do these sell like hot cakes in today’s real-estate market, they also make excellent long term investments, especially if you market it to the right crowd. Make the houses big enough for a couple of 3 people but not too comfy or safe that families with children will move in. This way, there will always be young couples ready to rent an apartment and there will always be vacancies because invariably, someone will move out when the place becomes too cramped, physically and conceptually.