I am looking into buying part of a neighbours garden and have no idea how to judge how much is a fair price for it. is my best bet to ask a few estate agents or am i going to need a surveyor?
anyone else done this?
Ta STW
xc
Oops wrong forum!
Not an expert but -
option 1 - talk it over between yourselves - if you're happy with agreed price then away you go...
option 2 - surveyors - we had an issue where what we thought was our garden when buying the place, turned out not to be - ended up suing the conveyancing solicitor. Both parties got a surveyor in to put a value on the land (more realistically the value of the house with said land). Cost us about £100 for the site visit and valuation in writing..
HTH..
mars
thanks I will talk to them but just want to have an idea of what this kind of land fetches these days, so I am starting negotiations with some knowledge!
there is a way of valuing land for occasions like that, if i recall correctly its based around how much it will increase the value of your property.
marsdenman, has it on value, its down to you and the owner to negotiate, there isnt a precident on cost of a bit of land, it down to what your prepared to pay and the owner is prepered to sell at.
Tinsy
Ok i'll start lower then as I guess they'll do vice versa!
Tinsy in right, but it's maximum value will be the difference between your property as it stands now & the value with the added land. But to throw a spanner, would the increased garden area provide any development opportunities as this would enhance the value.
Teggs
no, no development opportunity, but how do I judge how much it will increase my value? I can guess, but I'm no expert!
NOTE I'M MAKING THESE FIGURES UP!!!!
Say that land you can build on goes at £100,00 per acre
Land used for arable farming goes at £15,000 per acre
Land used for cattle farming goes for £5,000 per acre
Land used for "convenience" goes for £1,000 per acre
Pick which you;re gonig to use it for. If it's in the first 3 you should check local estate / land agents and work out how much you would pay per acre. I suspect it'll be in the latter catgory, in which case all you can do is work out how much you would be prepared to pay to make your garden nicer. I'd certainly be starting in 3 figures not 4, unless you're buying a massive field
nbt
its not huge! basically its approx 3m x 15m, and is used as an amateur veg garden (which is what it will stay as) so i guess thats convenience, it borders our property, so all we have to do is re fence after taking down adjoining section. we'll see what they say, but people do have an inflated idea what these things are worth sometimes!
thanks all
xcgb
With a plot that relatively small, there is no set way of valuing IMO, it really is going to be down to negotiation.
You could find out what the rental values of local alotments are & use that as a starting point.
Don't forget the legal / transfer fees as well.