Buy land, they are not making it anymore.- Mark Twain
People buy land for a multitude of reasons.A growing number see it as an alternative investment to property –something that is certainly safer in the medium to long term than plunging one’s finances into shares.
Having built up sufficient equity in a family home that is perhaps now too big you may look to acquire land for a bespoke self-build project constructed to your own specifications and lifestyle needs.
Some investors buy land as a gift, maybe to assist their adult children realise the dream of building their own first home – While developers will always be interested in plots to redevelop into flats or houses for a quick profit.
Whatever purpose the land is needed for and whoever buys it, the rule caveat emptor (‘let the buyer beware’) still applies.
The key to successful land acquisition is thorough research to mitigate the risks, and asking yourself four important questions:
- Purpose – why do you want to buy land?
- Use – is the land suitable for your plans?
- Cost – does your budget cover the cost of the land, building, legal and survey costs, plus a contingency for the unforeseen?
- Re-sale – will your project realise a profit?
- Budget – Exactly how much a plot of land will cost depends on several factors, notwithstanding its location, size, proximity to transport links and whether it benefits from any type of planning permission. Land sold with planning permission is always more expensive than that without. Land values are also relative to the general state of the property market, so currently prices are more competitive than, say, a year ago.
Most of our land projects are off-market, please call to disuss