How to Develop Land With No Money?
How to Develop Land With No Money?
Many people buy land with the hopes of building a home for them or even homes for many others, but in the end, they are left with an expensive piece of land with no money to build on it.
Developing on land becomes quite challenging when you are lacking the capital required to get spades in the ground.
If you have some land sitting there disused due to a lack of capital to build, you are not alone, as many people in Ireland face the same issue. Whether you want to build for yourself or your family or if you have another development plan in your mind, using the vacant land to create usable assets is always the best option.
The land is valuable, but it can be more valuable, especially when a structure is built on it. Developing your land can increase its value by three to five times its original cost if it is done right and all pitfalls are avoided.
With property values increasing in Ireland, and supply at a low, it is undoubtedly the best time to get that land used and turn it into a huge income-producing asset that will help you live a happier and prosperous life.
If you have land and want to develop it, now is the perfect time to look for a property development company such as UpSPACE, who can help you bring all the right people in, help you access funding and ultimately maximise your return in the least stressful way possible.
How can you earn money from vacant land?
Even the vacant land has an earning potential. If used smartly, vacant land can help you earn enough money to start building on it. If you want to develop your land but do not have enough capital, you need to get creative or delay your project for some time and work on your credit situation.
There are various ways in which you can use your vacant land to turn a profit. Since they require no setup costs, they are great options for most landowners in Ireland to pursue. Some of them are:
If your land is located in a high-traffic area, you can place a billboard and rent it out. Many businesses will be willing to pay a good amount every month to rent the space for their promotions and marketing.
If your land is located in a hot spot area, you can charge a parking fee for allowing people to park their cars on your land. For all landowners who want to earn from their vacant land without spending any setup costs, it is an excellent option as parking lots do not require any high maintenance.
Renting out the land for events:
If you are an owner of a large piece of land, you can earn an outstanding amount of money by renting out space for events such as weddings, parties, and many others.
How can you develop your land with no money?
Developing land when you lack the capital may seem like an impossible task. It could take many years to save enough funds for developing your land. By holding off you are holding yourself back from unlocking the value tied up in your pre-existing asset. However, by collaborating with the right people, it is totally possible to secure funding for your development.
Now the question that may come to many people’s minds is who will finance them to develop their land? To help you resolve this mystery, here are some of the financing options that could be explored when seeking the funds for developing your land:
Builders can finance the construction work for you. Builders want to get their work done and make money by completing the construction. Extending financing is quite feasible for them.
Even if the builder himself is not financing the construction work, he can help you by convincing many potential investors to invest in your development plan. However, you will need to pay the builder immediately once the construction is finished. Any delay can cause legal issues for you as the builder maintains a lien on the newly constructed building and has the power to foreclose if you don’t pay off the loan immediately.
Local banks are an excellent alternative if anyone needs construction financing for developing their land. They generally have a more flexible decision-making process. However, approving funds from a local bank is quite a challenging task.
To receive a construction loan from a bank, you need to qualify for it just like any other loan type. The local bank will also want you to show proof of your consistent income. However, banks approve loans against the value of the land, which might not be enough to finance the entire building.
In recent years, many small companies have emerged in the real estate industry that has helped many people fulfil their dreams of developing their land. They understand the needs of the landowner more than the banks and builders do.
Why are many landowners hesitant to avail of construction bank loans?
Many landowners in Ireland are looking for financing options to develop their land, but bank financing is surely not one of them. They believe that banks are not set up to understand their needs even if they did approve them. Most landowners feel the process of approving a loan from a local bank is too complicated for them.
They trust private lending companies more than banks as they tend to release funds much faster than banks. They will approve finances that even most banks will not approve.
How can UpSPACE help you develop land with no money?
UpSPACE is a private property development company in Ireland that allows landowners to develop their properties in the best way possible. It has successfully become a one-stop solution for any property development project in Ireland. The main aim of UpSPACE is to make the process of developing properties as stress-free as possible for all parties involved.
While developing property, a landowner surely has to take many risks. UpSPACE helps its clients to put their best foot forward and make the right decisions. By working with property experts, all the risks are reduced to a great extent. They use their experience, network, and collaborations to enhance the outcome of the project.
It does not matter whether you want to build a small single-story house or a large industrial building. You will find the right solution working with UpSPACE. We always give priority to our client’s requirements and customise solutions according to them.
Whether you are looking for finances to develop your land or struggling to put together all the required service providers. By using Upspace, All the hassle is removed and you get the best outcome without the stress.
UpSpace has a network of investors, so landowners will get the funding they require if their project is viable. Some other services that they offer are:
- Initial analysis to assess the site’s potential
- Team of expert advisors to help you make better decisions
- Will help you make the complicated process of obtaining planning permission much easier and less time consuming
- Will raise finances for your development project through the network of investors on the platform
- Will supervise the design and planning phase of the project closely
- Will assist you with all legal, tax, and structuring of your project, so you don’t need to worry about it in the future
- Provide super-reliable service as legal contracts are signed between both landowner and UpSPACE.
Property development without money requires many skills and a complete understanding of every aspect of the development process. From market research, financial feasibilities, design, obtaining planning permission, and managing your development, everything is essential if someone is looking to make a real future out of the property. Having a development plan is excellent but having UpSPACE on your side makes it even better. Undoubtedly the most suitable and reliable property development service providers in Ireland.
Leave the development process to UpSPACE, who will bring the best out of your project. From planning permission to arranging capital for your project, the responsibility is taken off you. We make it their mission to help you achieve your goal in the stress-free way possible. Get in touch with UpSPACE and develop your land in the best way possible without worrying about finances!