If you are looking for land, and this is your first time, the process of getting the right plot could be a daunting task. Purchasing land can be far more romantic than getting mortar and bricks. It feels as if you are earning your very own share of Planet Earth. And although there are some pitfalls, acquiring land is usually simpler than purchasing a property. It can also, possibly, be just as lucrative.
The following are our top tips on what to consider:
1) Be clear about why you want the Land
Perhaps you see land as a much better investment than share and stocks or other assets. Maybe you want a site to build your own dream house, or you want to become a smallholder. In some cases, you might also want to construct an office space in that specific piece of land. You absolutely need to have some long-term plans for the plot because it will decide what and where to buy.
2) Familiarize yourself to the Land Market
Greenfield lands are those lands that have never been developed, and they are different in character from brownfield lands, which haveexperienced some construction work on them previously, and are sometimes even potentially contaminated. They are different markets and, in some respects, subject to different planning requirements. So, it will be a wise choice to understand which land will suit you more and will give you more profit in the longer run.
3) Properly Research the Market
There is quite a large variation in land values being achieved at present; all the lands have different prices per acre, depending on location and quality. You need to generate a feel for the market and for what it is fair to pay for your piece of land.
4) Search Around
There is normally lots of land on offer at any one time, though not all of it is publicly advertised. Begin with searching online, and you will get many websites that provide land details. There are experts land agents dotted around the country, too. The other option will be Land auctions if you are prepared to move quickly. But you must also be alert of other possible sources of land, like homeowners being happy to sell a piece of land at the edge of their property.
5) Confirm whether you will need Planning Permission for any Building on the Land
A few plots of land are sold with planning permission already granted; although this is often only ”outline” planning permission – you will require clearing the final details with the planning authorities. Be careful of restrictive covenants or other legal restrictions on your freedom of maneuver. In a nutshell, planning issues are so closely linked to your decision to purchase the land that it is important to appoint a solicitor with expertise in this specific area.
6) Make sure to get the Land Properly Surveyed
An empty field might not look as if it needs to be given the once-over by a chartered surveyor. But there are possible hidden snags with land purchases, from boundaries and overhead power lines and rights of way to flood risks. It is always great to be on the safe side and to get professional advice before you make any purchase.
7) Cross-check where your plot of Land Starts and Ends
Access to land can sometimes be more uncertain than it appears. You need to be cautious of land, which is separated from a public highway by a so-called ransom strip.
8) Try to treat the Purchase of Land as a long-term Investment
You are not expected to make a quick profit on a field in the present climate, so it is reasonable to play the long game and try to judge the best time to build on the land or to sell it.
9) Identify the right and Legit Agents
A great agent will want to have an understanding of your needs and circumstances. Everyone has special requirements, and a good agent will tailor their services to deal with them. Be very cautious of fake agents that will appear to be legit, but in reality, they are someone else. Ask your close friends and family if they know any agents. Remember, always ask for the agent’s experience and try to have a word with their previous employers.
Purchasing land will reasonably feel a bit unfamiliar at first and might take you out of your comfort zone. But do your homework properly and do not lose heart.