Updated: May 9
If you own a significant amount of land including your garden, you have a wide range of options available to make the largest amount of revenue from it. The route that many people follow is sell the land to a developer to build new homes on.
However, many don't know whether developing their land is possible. Read on to learn more about making the most of your land, and the reality of developing your property to include homes and residential buildings.
Please note that some of this advice may not apply to your land due to location, the nature of your land (for example if it is a peat bog or an infertile field). Always conduct due diligence before making decisions about the future of your land.
What is land development?
Land development is development of land from one use class into another. For example, from a farmer’s field into a warehouse or one house with a large garden into multiple houses.
Is developing my garden possible?
Whilst developers don’t typically go out of their way to look for gardens in residential areas over green field land, the principle of redevelopment of gardens – which are alongside existing houses and infrastructure – is more established in residential areas, making them a safer bet.
From a landowner’s perspective, being able to provide land suitable for housing in existing residential areas, where there is already high demand, means that you are more likely to get planning permission and your land could attract a premium.
It is important to note that gardens in the middle of the countryside which have no nearby housing or infrastructure are extremely unlikely to gain planning permission, though there can be some exceptions.
The simplest way to discover if your land has development potential is to talk to a developer.
One of the biggest issues when looking at developing your land is the initial costs you can expect to incur.
Obtaining planning permission is a very expensive and risky endeavour, requiring the instruction and payment of various professionals and experts, including planning consultants and architects.
Next, you’ll have to meet all the rules and regulations of both your local council and the government; this can be a very frustrating and bureaucratic process.
Once you get planning permission, you will need substantial finances to build out your plans. A single house, for example, can easily cost more than £250,000 to build.
Banks can lend you the money to assist with this, but you must have a proven track record. Additionally, building out the planning permission is also quite speculative, and you must be extremely confident that the sales price will exceed your costs.
It may be better to talk to a developer to take all the risk for you.
Is development right for me?
Development can substantially increase the value of your land so it is always worth exploring. If you would like to receive a free, no-obligation quote on your land, contact us today and our team of experts will be happy to help.
If you would like to receive a free, no-obligation quote on your land, contact us today and our team of experts will be happy to help.