Tue 24 Jul 2018
Could your garden 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.
Selling off part of your garden for development is often seen as unthinkable – until you ask the question. 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 Cambridgeshire are realising that selling off part of their garden actually 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, and also means that you don’t even have to move to enjoy the benefits of an unexpected lump sum.
The best part? If we are talking about your principal home, the gain from selling your garden is tax free.
You may be wondering - 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 Lovett Land & New Homes a call. We’re exclusive local members of the Land & New Homes Network which has a partnership of experienced agents across the UK specialising in the development potential of gardens, commercial units and plots of previously unused land.
But how much is part of my garden actually 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 Land & New Homes Network agency like us 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 01480 218200 for a totally confidential, informal and no obligation conversation.
"I've used Lovett for 12 years to let several different properties and have always found them to be exceptionally good at the letting business. Excellent customer service from Anthony and team."