Planning expert Mike Dade reveals his tips and tricks for making sure you get a good deal on your perfect spot of land

Build It readers Simon and Mitra were able to create a lovely chalet bungalow on a plot that already had a run-down building on it. They weighed up the costs and value of the finished abode and decided the land had the right potential for their dream home

MATTHEW SMITH ARCHITECTURAL PHOTOGRAPHY

When you find a plot to buy, you need to know whether the asking price is reasonable and at what level you should pitch your offer. In short, you need to value it. This process is more of an art than a science, so we’ll look not only at how to crunch the numbers, but also at ways to evaluate them to arrive at the realistic figures you need.

Valuation basics

Assessing a plot involves rather more than just comparing with similar sites sold nearby, assuming there are any. You’ve got to think about what could be built there, the cost of constructing it, and what it might be worth when complete. In terms of potential to build, there are wider considerations of what the plot has planning consent for, whether that optimises the value, and whether what you want to build is the best option for the plot. Consider if what you want to construct is likely to cost an average price. Or would be it more, perhaps due to a high-quality spec? Or maybe less, thanks to an economic build technique?