Pro tips: Buying a property with land
PUBLISHED: 10:36 06 June 2016 | UPDATED: 10:36 06 June 2016
Leading Essex property expert, Zoe Napier, shares her knowledge of what to look out for when buying a property with acreage
There are many reasons why prospective purchasers look to buy a property with land. These might range from wanting to keep livestock or horses to simply wanting to ‘own the view’.
It is without question that land can add value to a property, mainly due to the huge versatility and wide range of buyers from which it can attract when selling. Land can also be viewed as an investment — after all the UK is not increasing in its supply of green and pleasant land.
With respect to how much acreage is a good amount, it varies. For instance, if there are existing equestrian facilities, then it is generally regarded that one acre per horse is proportionate – so a property with 10 stables and 3 acres might therefore be considered as disproportionate.
When purchasing additional acreage from a neighbouring landowner it should be noted that generally a higher price than that of agricultural land will be expected and often a measure might be that 50% of the uplift in property value to the recipient for the first acre is appropriate and thereafter each additional acre could range from anything between £10,000 to £25,000.
At the end of the day, land values, unless sold in agricultural blocks, have an ‘intrinsic’ value and negotiations often finalise as to how much a buyer wants additional acreage.
Zoe Napier is a director of the Zoe Napier Group which now markets a diverse range of unique property throughout Essex and south Suffolk ranging from smaller country cottages to luxury waterside apartments. However, the company’s core foundations came from Zoe’s 33 years of property expertise specialising in the sale of country and equestrian property. Personally, Zoe is also most recognised for the sale of property with land.
Springfield Lodge, with a guide price of £739,500, offers huge potential while having the added advantage of a two-acre adjoining paddock with separate vehicular access. The property offers substantial 3,350sq ft accommodation with excellent versatility and potential to create an annexe, if needed. The total acreage, including the gardens and a gated vehicular yard/storage area with workshop, extends to 3.4 acres. Call Zoe Napier on 01621 840333
• Consider land as a future investment – often parcels can be sold off from a property, but do check with any lender that this is acceptable first.
• Check the quality of land. Often land which is liable to flood shows evidence of broad leaf weeds and boggy areas, which is not suitable for winter grazing.
• Understand that in most cases the acreage is not classified as domestic, so far that planning would be required for any structures.
• Consider that unattached land is worth the same as attached acreage to a property.
• Buy a property on the assumption that you can purchase extra acreage, so it’s best to buy a property with more than is required than less.
• Sell or purchase land without taking professional advice from an experienced land agent.