Buying land with the intention to self-build, develop residential housing or sell on to a developer has become far easier since the new legislation for local authorities to free-up hitherto ‘frozen’ brown belt (derelict) land. Intimate knowledge of the area in which you plan to buy is essential. So too is knowledge of how the local planning department operates.
Land which is off-market will be less expensive but be prepared to do plenty of negotiating with the seller and the local Planning department prior to purchase. Rest-assured though that tough financial cut to local authority budgets in recent years, together with a shortage of housing, has meant many LA’s are more willing than ever to sell off land.
Before buying land a feasibility study is needed. Other financial outlays include legal and building costs. It’s also important to put aside a contingency fund for unforeseen mishaps. The really good news is that land never depreciates in value.