How much is my garden land worth and how can I sell it?
Thousands of gardens around the UK simply don’t get used. Perhaps the owners are constantly in-between hotels for work or maybe they just prefer the comfort of the cosy indoors.
If this sounds like you and you currently own a property with a garden that doesn’t get used, you could be sitting on a considerable sum of cash.
It's possible for homeowners to sell their unused gardens to others who will make use of the space for land assembly, property development or even commercial use.
Before selling your garden, it's important to understand exactly how much the land is worth and the best way to sell it.
This article will guide you in extracting value for your land and how to go about selling it so that you can start the process of selling today!
What could influence the value of garden land?
Determining the value of your garden is never as simple as it may seem. Firstly, there are some considerations that landowners should take before starting to value the land that they would like to sell.
Do you have a mortgage?
If you have an outstanding mortgage on your house, you may need to obtain permission from your lender before selling your garden land. The lender may also ask for part repayment of the amount that you borrowed before allowing the land to be sold.
What could the land be used for?
Understanding the potential uses for your land will impact the price that you can sell it for.
For example, if your land is sold to your neighbour to improve the size of their own garden, it will likely increase the value of their house. If this is indeed the case, it's likely to add to the value of the land when you sell it.
The more potential uses your land has, the more interest you will get so the price can be higher.
Is the garden in good condition?
Gardens that are in good condition can be sold for a higher price because less work will be required to fix them up once bought. If your garden is not in the best state, you could consider fixing it up yourself before selling it on.
Where is your garden located?
The location of your garden will have a huge impact on how much it is worth. Not only do garden land prices differ regionally across the UK, but sellers should also take into account how much land is available to buy in the area, how close the garden is to other properties and any other local factors that may influence the price, such as nearby amenities and infrastructure.
How to value garden land
Once you have a good understanding of factors that could influence the price of your garden land, you can start to find an exact value. There are two methods that you can use to value garden land:
The Existing Use Value – If your land is going to be used for the same purpose as it was before being sold, the Existing Use Value can be used to determine the price. In the case of garden land, this method would be used assuming it was going to be sold off and then used as an additional part of someone else's garden.
The Alternative Use Value – How much the land is worth with planning permission. The easiest way to calculate the Alternative Use value is by comparing it to similar plots of land which also have planning permission. Variables such as the land's location and size are all likely to influence valuation. This is how much land would be worth assuming it came with planning permission. In the case of garden land, the simplest way to value it is to compare it with similar plots of land that also have planning permission. As mentioned above, the valuation here will be altered depending on things such as the condition of the land and the location.
How to sell garden land
Before selling your garden land, you will need to speak with professionals and gain permission. At NFC homes, we're always happy to have a chat with you regarding land sales. One vital aspect of selling land that NFC Homes could help you with is obtaining planning permission.
If you have a piece of land you would like to sell, please get in touch and speak to a member of our team today for a free no-obligation quote.