FINDING & BUYING
YOUR IDEAL PLOT
Securing land for your self build can be an intense process. We guide you through how to assess a plot’s potential and seal the deal
ORIGINAL WORDS JULIA RIDDLE & TIM DOHERTY
If you’re buying land to build a new home, it’s always important to consider the level of risk associated with your development. Uncertainty concerning the planning context and existing development is likely to define any price negotiations with the vendor, and influence the approach you take to purchasing the plot. Your design aspirations and budget will largely determine the type you go for. So, what do you need to look out for when trying to identify and purchase the right land for your dream home?
Buying land with a house on it
If a plot already has a house on it, the value is largely determined by the market worth of that property. Likewise, if it has an existing building that you might be looking to convert, a fair price will be defined by the present use of that building and potentially some ‘hope value’ added for the prospective development.
Positively, the risk level when buying a site with a house on is lower – you already have a property that has inherent value, even if it is not your ultimate end scheme. On the other hand, a plot like this will be more expensive, as you are buying land that benefits from a building that is already of evident value. In these cases, opportunity for negotiation may be reduced significantly, because a price can be readily established by comparison with other properties which have been sold in the area.
Land with no previous development
At the other end of the spectrum, you might be looking at a plot which has never been built on. It may be on the edge of a town or village, or in open countryside. Sites like this are considerably higher risk in terms of getting planning permission. So you’ll need to consider whether your development plans are likely to be accepted.