So, once you have found a plot of land – how do you assess its suitability?
When assessing a plot of land, there are a number of things to consider including; the location, value, access to the plot, services and planning permission. Before you invest a significant amount of money, it's important that you assess the plot properly to make sure it's practically and financially suitable, for what you intend to build on it. We have come up with a few things you should consider:
The Plot’s value
A plot’s value will be derived from the eventual dwelling that will be built on it, so establishing what that value is is important, and it can be fairly straightforward to assess. A house is simply assessed in direct comparison to similar houses in the area, and the values they have achieved on the market. A simple search of local estate agents can quickly inform you about the local market - the types of houses being sold, the asking prices and which homes sell best i.e. those 'under offer’.
Don’t run the risk of ‘overdeveloping’ the plot
For instance if you are thinking of building a 6 bedroom home in a plot that is surrounded by 4 bed houses, then you may be undervaluing your property should you wish to sell it. The truth is your property is likely to be valued at the same price as the properties surrounding it. Assess the area surrounding the plot
Will the style of the property you are planning fit in with the surrounding area?
This is crucial when it comes to gaining planning permission, as councils are more likely to grant permission to a property that will fit in nicely with its surroundings and not stick out like a sore thumb!
Are there services installed?
Most plots will come with all services - electricity, water, gas and sewers - but there are some plots in remote parts of the country that don't have these on site, so you need to assess the time and cost implications for arranging these.
Planning Permission granted?
It’s essential to make sure you would be able to get planning permission before you even consider purchasing a plot. If planning permission had previously been refused, find out the exact reasons why, as you may be submitting completely different plans to the last applicant. We hope you have found these pointers helpful, if you would like any more advice on finding or assessing a plot on land on which to build you property, then contact us at Arc Design Services and we will be happy to help!