New Construction  

When buying a new home, you can often choose more energy-efficient options. New appliances, new windows, a new roof, etc. These can all help lower your energy costs, which can add up to significant savings over time.

Lower maintenance that comes with a newer home is another great benefit. When you have a new home, you likely won’t have as many little repairs to tackle, like leaky faucets, shutters to paint, and other odd jobs around the house. With new construction, you’ll also have warranty options that may cover portions of your investment for the first few years.

Another solid benefit to new construction is customization. Do you want a mudroom, stainless steel appliances, granite countertops, hardwood floors, an office, or a multipurpose room to homeschool your children? These items can be customized to your specific needs during the design phase. With an existing home, you’re buying something that’s already completed, so if you want to make changes, you may need to hire a contractor to help get your home ready for your family.

Existing Home

When buying an existing home, you can negotiate with the current homeowner on price, which is something you generally don’t get to do with a builder. Builders know their material and construction costs, and they have a price set for the model you’re buying. So, if you want to negotiate, then maybe an existing home will be best.

For many families, having an established neighborhood is also important. Some buyers like to know the neighbors, if it’s family-friendly, and traffic patterns before making a commitment. When you buy new construction, you won’t have a full view of some of those details until the lots around you are sold.

Bottom Line

Whether you want to buy a newly built home or one that’s already established, both are great options. They each have their pros and cons, and every family will have different circumstances driving their decision. If you have questions and want to know more about the options in your area, contact a local real estate professional today so you can feel confident making a decision about your next home.

Be aware of the pitfalls of this approach, however. All your neighbors might not be overjoyed to hear that you’re planning to buy up that land behind their homes and erect your own palace there, obstructing their pristine views. You might meet up with some resistance—even organized resistance involving municipal and county authorities.

Resale value is often softer in the country than the city because the pool of potential buyers is smaller. Home prices tend to be more negotiable when demand is low and supply is high. As a tenant, you can try to time the real estate market and be ready to buy that parcel of land as soon as it becomes available.

Farm Stand

If you have a piece of land in a decent location, you can set up a roadside farm stand and use the rest of your land to grow or produce food to sell.

Produce Farm

You can also use land to grow produce that you can sell to restaurants or food retailers.

RV Storage

RVs take up a lot of space and many people don’t use them constantly. So you can start a business where you store those RVs on your property for a regular fee.

Boat Storage

Similarly, you can use your land as boat storage, especially if it’s located in a water adjacent community.

Campground

Maybe your vacant land is near a tourist area or just offers some neat views or other features. In this case, you can turn it into a campground and rent space to travelers.

Firewood Business

If your land is stocked with trees, you can use it as a source for timber or firewood to sell. You can also potentially gather wood from other sources and use your land as more of a processing space.

Wind Farm

Alternative energy is a huge growing industry. And vacant lots — if large enough an in the right location — create the perfect opportunity for wind farms.

Solar Energy

Similarly, you can set up some solar panels and work with local communities, businesses or energy providers to offer solar power.

Self Storage Facility

You can also use your space to set up some storage units and offer self storage options to local consumers.

Raising Livestock

If you have enough space and the know-how to raise animals like cattle, you can make a business out of the opportunity.

Dairy Farm

You can also raise cows and produce dairy products like milk and cheese.

Horse Stable

Or you can start a horse stable business where you offer riding opportunities and lessons.

Wool Processing

If you want to work with animals like sheep or alpaca, you can create a business by processing their wool and turning it into yarn and fabric.

Goat Rentals

There’s also a unique business opportunity for those who have the space and ability to raise goats. You can rent them out to other land owners as low cost lawn mowing options.

Educational Farm

If you set up a working farm on your property, you can also make it into an educational farm where you welcome school groups or people interested in learning about farming.

Summer Camp

You might also consider setting up a summer camp on your property where kids can take part in outdoor recreational activities.

Sports Fields

Or you can set up sports fields and rent them out to school groups and teams.

Corn Maze

If you want to welcome visitors to your land, you can also set up a business like a corn maze for which you can charge admission.

Hay Rides

Similarly, you can use a tractor or similar vehicle and pull visitors around on a wagon to create a fall themed hay ride.

Petting Zoo

You can also welcome a variety of animals to your land and set up a petting zoo that people can pay to visit.

Apple Orchard

Apple orchards can also be fun outdoor attractions for people to visit. You can charge admission and let people pick their own apples, while also offering a variety of apple based products.

Christmas Tree Farm

For another seasonal business idea, you can grow pine trees on your property and let people visit and purchase their own Christmas trees.

Ice Rink

You can also set up an outdoor ice rink on your land and charge a small admission fee or even make money from other things like concessions.

Vineyard

As another way to build a business from growing items, you can set up a vineyard and offer wine made from your own grapes.

Golf Course

It can be a process to set up, but if you have enough space you can create your own golf course on a plot of vacant land.

Junk Yard

A less complicated idea would be to simply start a junk yard business where people can bring unwanted items and you can sell this unwanted stuff to others for scrap.

Hunting Property

For land owners in rural areas, you might consider setting up a hunting property people can pay to visit for hunting.

Outdoor Shooting Range

Or you could set up an outdoor shooting range where people can take target practice.

Paintball Course

More of a recreational business, you could set up a paintball course on your land and welcome groups of customers.

Biking Course

Or you could set up a course where people can ride motocross or BMX bikes or take part in similar activities.

Zipline Course

If you have the right type of space and equipment, you could even set up a zipline that people could pay to use, especially if your land has access to interesting views.

Tiny House Manufacturer

Tiny houses have come into style lately. And if you have the right supplies, you can manufacture these homes on your land and even let it serve as a sort of mobile home park for tiny homes.

Glamping Facility

Glamping is another trendy concept. Short for glamorous camping, this would be similar to setting up a campsite, but with some more elaborate amenities.

Drive-In Theater

A more old school business idea but a nostalgic trend still popular with some, you can set up an outdoor theater that people can visit in their vehicles.

Concert Venue

Or you can set up a stage and offer your space as a concert venue to musicians and event promoters.

Event Rentals

Similarly, you can rent out the space for events like weddings or corporate retreats.

Landscape Supply Storage

Landscaping and home supply businesses don’t always have enough space to store all of the items they use or sell regularly. So you could start a storage business that caters specifically to this need.

Training Facility

You can also use your space as a training facility where businesses and their employees can come to learn about things like construction, landscaping or even drone operation.

Plant Nursery

If you want to grow plants on your property, you can construct a greenhouse or simply offer your plants for sale at a roadside plant market.

Beekeeping

Beekeeping is another in-demand business that requires a fair amount of space in order to operate safely.

Roadside Attraction

Roadside attractions like the world’s largest spool of thread or unique old museums can also be businesses, as long as you charge admission or offer a gift shop or other type of paid attraction.

Outdoor Advertising

If your land is near a road or high traffic area, you can construct a billboard or similar type of outdoor advertising structure and use it as a money making opportunity.

Antiques Market

Antiques markets are popular in rural areas and can take up a lot of space. So you can set up your own antiques market that people can visit on your property.

Carpentry

Or you can set up a carpentry workshop and use the space to build large pieces of furniture and other structures.

Farmers’ Market

Farmers’ markets are often hosted by cities and community organizations. But if there’s a need in your area, you could set one up on your land and charge a small fee for vendors to participate.

Pop-up Facility

Or you could offer your land as a space for other businesses to host pop-up shops and events.

Outdoor Yoga Studio

If you have a scenic or serene piece of land, you could open up your own outdoor yoga studio or facility for similar activities.

Art Installation

It’s also possible to set up an outdoor art installation that people can pay to visit. Or you could allow people to visit for free and simply charge for things like food or merchandise.

Outdoor Photography Studio

You might also consider using your land as an outdoor photo studio so you can take unique landscape and portrait photos.

Parking Lot

And if your vacant land is adjacent to some local attractions, you could simply set up a parking lot and charge a fee for people to park there.