Value of land.

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Nick

Joined: 02 Nov 2004
Posts: 34535
Location: Hereford

Posted: Wed Apr 12, 06 11:35 am Post subject: Value of land.

Let's say my house is worth ï¿½400k. I don't know if that's true, but for now, let's roll with it. I have 3 acres of field attached, and that's part of the value.

Next to me, is another field of 5 acres, that's just come up for sale, minimum offer, by sealed bid, of ï¿½15k.

If I look at this purely as a financial investment, is it going to add more than ï¿½15k to the value of my property, as it's next door, or will it add only ï¿½15k?

Will it simply make it more saleable, rather than more valuable? eg, will it suddenly put it into a bracket that, for example, makes it more useable to horse owners?

Should I buy this land, because if I don't, someone else might, and I might have a view of polytunnels/quad biking/car boot sales? There is zero possibility of using it for building on, as it has no road access, is outside the village envelope and floods.

I have uses for the land, but no need for it. I do, however, have the cash, if it makes sense. Many of you have experience of looking/buying similar size properties. What's your experience?

jema
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 28235
Location: escaped from Swindon

Posted: Wed Apr 12, 06 11:36 am Post subject:
As it is ajoining, I think you'd be crazy not to.

Nick

Joined: 02 Nov 2004
Posts: 34535
Location: Hereford

Posted: Wed Apr 12, 06 11:38 am Post subject:
That's my gut feeling. But how crazy? Do I want to pay over the odds? How much over the odds? That's why I want to deal with it, on one level, as a purely financial investment.

Penny Outskirts

Joined: 18 Sep 2005
Posts: 23385
Location: Planet, not on the....

Posted: Wed Apr 12, 06 11:38 am Post subject:
The only downside I could see is that if you want to sell the house, some buyers may be put off by 8 acres, whereas 3 may seem a bit more manageable??

tahir

Joined: 28 Oct 2004
Posts: 45670
Location: Essex

Posted: Wed Apr 12, 06 11:38 am Post subject:
Buy it. It'll make it a lot more attractive to a certain type of buyer, either teh self sufficiency or horsey types. 8 acres is a nice manageable size, gives you enough room for a decent orchard, firewood coppice and livestock. Alternatively enough room for a menage and paddocks

Bugs

Joined: 28 Oct 2004
Posts: 10744

Posted: Wed Apr 12, 06 11:39 am Post subject:

If I could possibly afford it I would buy it like a shot even for a bit more than that. However I'm not sure how much more it would add to your property, in my totally amateur experience, but having been looking for a while for a small house with a lot of land, there's relatively little difference between a house with a big garden and a house with a couple of fields, unless you've got all the accoutrements for "room for a pony" (insert your own Hyacinth Bucket accent).

But for me, the extended options and "insurance" of owning it would be well worth it.

If you feel guilty you could even get all altruistic and let some of it for allotments for local people. Then sell them stuff.

tahir

Joined: 28 Oct 2004
Posts: 45670
Location: Essex

Posted: Wed Apr 12, 06 11:40 am Post subject:

nickhowe wrote:

That's my gut feeling. But how crazy? Do I want to pay over the odds? How much over the odds? That's why I want to deal with it, on one level, as a purely financial investment.

ï¿½15k over the odds? The land adjoining mine which is not only greenbelt but also has a section 106 agreement precluding ANY further development is up for ï¿½21k an acre

Nick

Joined: 02 Nov 2004
Posts: 34535
Location: Hereford

Posted: Wed Apr 12, 06 11:40 am Post subject:

Penny wrote:

The only downside I could see is that if you want to sell the house, some buyers may be put off by 8 acres, whereas 3 may seem a bit more manageable??

The land has independant water supply, and is joined to the track, so agricultural access is possible, just not regular traffic, so it could be sold as a seperate lot.

judith

Joined: 16 Dec 2004
Posts: 22789
Location: Montgomeryshire

Posted: Wed Apr 12, 06 11:41 am Post subject:
If an adjoining field came up for sale here, I would move heaven and earth to buy it. And then worry about what I was going to do with the land

Treacodactyl
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Joined: 28 Oct 2004
Posts: 25795
Location: Jumping on the bandwagon of opportunism

Posted: Wed Apr 12, 06 11:43 am Post subject:

Simple answer is it would add far more than 15k to your property. I've looked at woodland and would estimate a plot of land is worth at least three times if there's a house on it and probably much more. I assume you're in an area where your house with the extra land wouldn't be that unusuall?

One thing though is what's the land actually going to go for? Minimum offer of ï¿½15k may go for far more, especially if there's a sniff of building potential. Do you know how they would get access to the land?

Nick

Joined: 02 Nov 2004
Posts: 34535
Location: Hereford

Posted: Wed Apr 12, 06 11:43 am Post subject:
Do I mention there's another 3 acres 100yd down the road, yet? If it took me over 12, aren't I right in thinking I could erect a building on it, for agricultural use? Does this include stables? I know horses aren't agricultural, but does anyone know what that planning allowance extends to?

Treacodactyl
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Joined: 28 Oct 2004
Posts: 25795
Location: Jumping on the bandwagon of opportunism

Posted: Wed Apr 12, 06 11:44 am Post subject:

Penny wrote:

The only downside I could see is that if you want to sell the house, some buyers may be put off by 8 acres, whereas 3 may seem a bit more manageable??

You can always sell the property and the land separately later if you need to. Or keep the land as an investment.

tahir

Joined: 28 Oct 2004
Posts: 45670
Location: Essex

Posted: Wed Apr 12, 06 11:45 am Post subject:

nickhowe wrote:

Do I mention there's another 3 acres 100yd down the road, yet?

If it took me over 12, aren't I right in thinking I could erect a building on it, for agricultural use? Does this include stables? I know horses aren't agricultural, but does anyone know what that planning allowance extends to?

Definitions vary place to place. You'd need to check with your local planning office whether they term horses as agricultural or leisure, ditto with erecting buildings

Nick

Joined: 02 Nov 2004
Posts: 34535
Location: Hereford

Posted: Wed Apr 12, 06 11:45 am Post subject:

As I say, there's no sniff of building potential on the land. The road extends to our gate, and after that is green lane. The field entrance is only possible off this green lane (only about 15 m). There's two plots up for grabs, and the other one is attracting more attention because it's on the metalled road, but crucially, nearer other people's houses, and they want it.

It's up for 15k, but it's a sealed bid, and I wouldn't know what it'll go for. Although, I will when it's sold, on May 5th.

Penny Outskirts

Joined: 18 Sep 2005
Posts: 23385
Location: Planet, not on the....

Posted: Wed Apr 12, 06 11:48 am Post subject:

nickhowe wrote:

If it took me over 12, aren't I right in thinking I could erect a building on it, for agricultural use? Does this include stables? I know horses aren't agricultural, but does anyone know what that planning allowance extends to?

Smallholder magazine has an article about this in the latest copy - it's at home so not much help now

One interesting thing was about having an agricultural business, which was considered viable, and a reason to be 24 hrs on hand (ie animals) meant you could erect a temporary dwelling. After a few years (unspecified in the article), if you still were viable, then planning oculd be obtained for a premanent residence. How true this is I have no idea, but that's what was in the article.

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