Land values seem to be creeping up at a pace that rivals the residential property market, which is encouraging many landowners to consider listing their plots for sale, or at least scheduling a valuation. But before you put your plot on the open market, is there a way to maximise its potential value and achieve an enviable sale price? In this piece, we’ll be running you through the four areas for consideration before listing your plot for sale to ensure that you get the best possible price…
Uncontrollable factors such as supply and demand, and location and proximity to key amenities are difficult to change to your advantage. However, it is important to understand how to market these uncontrollable factors to your benefit: for example, your plot may not be near any train stations, but it may have ideal motorway connections and a nearby bus network. Focusing on what your plot does have, rather than what it lacks, will help you justify a maximised price.
On the other hand, there are some determinants can be changed to benefit the value of your plot:
Ensuring that site access is as easy as possible in preparation for land viewings, and in preparation for any potential building and construction, is vital in maximising the value of your land. Viewers should be able to explore your land without difficulty, builders should be able to easily bring materials onto the site, and potential future residents should be able to freely move around the plot. For plots that aren’t fit for building development, but would instead make good agricultural land, even agriculturalists will find it difficult to transport livestock and machinery. In short, site access is imperative regardless of who your target buyer is. For plots that are difficult to access – for example, if they are not directly connected to a road, or you must cross over other plots in order to gain access – it’s well worth sorting out your access issues before you list your plot on the market.
If a site has existing planning permission for residential or commercial property to be constructed upon it, and a projection of the revenue this could produce for the new landowner, this will maximise the value of your land. However, obtaining planning permission is a difficult and lengthy procedure, which is why Centrick recommends utilising the expertise of a land agent to help guide the way. Not only will they be able to help you obtain permission to construct buildings upon your plot, but they will be able to explain to your potential purchaser why your plot is a good investment that will produce a strong profit. For land that is already well-situated for development, this is a great way to boost value.
This goes hand-in-hand with point 2, with the potential construction of buildings on your plot requiring utility access for their proper functioning. Ensuring that water, electricity, gas, internet and telephone access are all easy to connect to will save land purchasers time and money, making them more willing to spend a premium to secure your plot. Although these services may be costly to implement, they make your plot the ‘complete package’ for developers, especially those working to tight timescales that are looking for plots that are ready to construct upon as soon as purchased.
Land that has been sitting dormant and empty may not have the drainage capacity to make it functional for other purposes. Installing adequate drainage systems will make your plot far more desirable to build upon, as it removes one extra hurdle for prospective developers. What’s more, those looking to purchase your plot for agricultural development will require adequate drainage, too – after all, crops will not grow successfully on overly arid land. In fact, it’s estimated that optimal drainage solutions can increase the yields for farmers and agriculturalists by up to 35 per cent, making it a brilliant investment. Underground drain tiles are a fantastic affordable measure landowners can take to boost the appeal and value of a plot.
Although we’ve listed a few ideas to boost the value of your land, it’s important to note that each plot and each purchaser has unique traits and needs. Centrick therefore advises obtaining bespoke advice from one of our land experts who can visit and evaluate your plot to produce a thorough, tailored analysis of what your land needs to boost its value and get sold. Our team combine decades of experience with unrivalled local knowledge to ensure that your land sells for the best possible price, in the best possible time. For more information on the difference Centrick can make to your land sale, check out our blogs here, or contact our team via the form below – we look forward to hearing from you soon.
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