Owning farmland is fantastic because even if you sell nothing off it, it gains value over time for simply being a large plot of land. However, if you don't want to wait to earn an income, more quick ways to make money off this property.
These are the top ways to gain money off of your farmland besides selling crops! But, of course, if you have a large enough property, you can combine many of these options to achieve an even larger income!
1. Raising Animals To Produce Products
Animals are a natural part of owning and working farmland. Not only are they fantastic for creating fertilizer for your crops, but they can also keep away any invasive plant species like kudzu and allow you to create items that you can sell.
Even caring for one type of animal only, like goats, can offer you many ways to make an income. For example, goat soap made from their milk is soft on the skin and good for your complexion, while that milk can also be made into cheese, and their meat can be sold in most markets.
Consider which animals you already own or which animals you'd like to own, and try to find at least two to three different sources of income you can gain from each animal.
2. Build A Barndominium For Others to Rent
A small barndominium is a fantastic addition to any farm property because it gives it the chance to offer something that many farms don't have. Barndominiums are modern buildings that can be used for everything from bed and breakfast to an event location for weddings and reunions.
"Even if, over time, you decide to stop offering this as an event space, you can rent it out monthly so that people who want to escape the city can enjoy it as a bed and breakfast or even a long-term rental." - Corey Tyner of Buy Yo Dirt
3. Rent Plots of Land to Local Growers
Many local growers need more land or can't afford to buy land of their own. Offering a space for them to rent lets you keep your soil fed and healthy and make an income from grounds you're not using.
You can advertise this land in local areas or even further away, listing it in cities up to an hour or two away so that people in the town who want to grow produce can have a location to drive out to once a week or so.
It’s a good idea to put up several fences if you’re making this type of property so that your renters will know what they’re growing is safe, and those who visit the property will know not to trespass in these locations.
4. Offer Campsites For Vacationers
Camping is a popular seasonal way to get away from city life: but many don't know where to go besides national parks. Creating campsites for tents requires flat ground, easy access, and a safe area. When renting out this space: pay attention to the permissions you give those who stay on this land. Leave clear signs on how to put out campfires, what behavior is allowed, and how they can dispose of their trash.
If you say there’s a steep cleaning fee for anyone who doesn’t follow these rules, more people will stick to these instructions. Using permeable landscape, you can make the camping areas clear without having to use fencing or anything that would detract from the natural appearance of your land.
5. Rent Out The Property for Fishing or Hunting
Fishing and hunting are fantastic past-times that get people away from thinking about window trim ideas for the exterior of their homes or what type of paper they have to buy for their home office. Instead, they get to disappear into the wilderness and enjoy taking part in a sport as old as time. You can rent out passes so that anyone who wants to hunt or fish can use the property during different times and ensure it's available.
As with camping, you should ensure that clear rules are posted to protect your land from fires or littering.
6. Create Storage Space for Others To Use
Storage is something that nearly every person can use. We collect more items than we have room for, and people need somewhere to store those items. Building and renting out storage space gives you a great way to gain a passive income without worrying about how someone is using your property. Ensure that your rates aren't too competitive so that you can still make an income, and research the local laws for what you should do if someone forfeits their belongings.
Farmland Income Can Be More Than Crops
Many think the only source of income for farmland is the crops they grow to sell. Instead, pay attention to the other options out there! Each of these six options is fantastic and requires minimal work to create spaces others will gladly give you money for.