Kevin Ellis from Thomas Mae Land & Planning on why your garden could be the key to your financial security in the future.
Your garden could offer you the financial security we all strive for.
I’m not suggesting you start digging it up in search of treasure, oil or a similar source of a windfall.
No, it’s much less dramatic and easier than that – if you have a large garden it could have developmental potential worth hundreds of thousands of pounds.
That’s right your garden could be the answer to any money concerns or aspirations you have.
Selling off part of your garden for development is often seen as unthinkable – until you are asked.
What if you received a letter alerting you to “an opportunity available” due to the size of your garden and its potential, would you really toss it straight in the bin without a second thought?
An increasing number of people across the UK are realising that selling off part of their garden isn’t the property equivalent of selling their souls.
Far from it. Selling part of your garden off to a property developer often secures your financial future, it also means that you don’t even have to move to enjoy the benefits of an unexpected lump sum.
And if we are talking about your principal home, the gain from selling your garden is tax free.
If you went ahead would you become the neighbour pariah?
Imagine inviting the neighbours around for drinks and then gin and tonic in hand murmuring “by the way I’m thinking of having several houses built in my garden”
Cue a potentially very awkward silence.
However, what if you said “Did you know, we might be sitting on a gold mine? If we got together we could parcel up a development site and collect £100,000 each. We could call the tune, put up discreet hoardings and take a warm weather cruise while the building work is going on. Shall we find out about it?”
Sounds slightly easier to digest now doesn’t it?
But how do you find out if your garden offers an opportunity to change yours, and your neighbours lives for the better?
Easy. Simply give Thomas Mae a call, which has a network of experienced experts across the UK specialising in the development potential of gardens, commercial units and plots of previously unused land.
Which leads us on to what is logically your next question – How much is part of my garden worth?
Land prices are established by understanding what will get planning permission, how much will any properties-built sell for and how many units will get built.
Developers will work back from the sale price of the houses they propose to build, deducting all likely costs and their profit to determine a figure they are prepared to pay for your site.
Therefore, developers offer different amounts as they will all have different ideas on how to maximise the potential of the land.
This is an area that we have extensive experience in and can help you get the best price.
Finally beware of land scouts who are keen to take an option on the land without being specific about what will be built or when.
These options can make the house unsaleable.
If you’ve gone this far down the road into looking into your garden’s development potential, you should get expert advice from a business like ours to make sure you are considering a specific contract covering every detail including the when by date for when an application will be submitted.
This must then be picked over by a solicitor who is an expert in property law and not just the local conveyancing solicitor.
There’s a lot to consider, but it’s a genuinely potentially life changing move when carried out professionally. And we’re here to help so if you have a large garden which you think has developmental potential please give us a call on 01672 556315 for a totally confidential, informal and no obligation conversation.
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