Price of Land?

[busymum100]

We are thinking of buying a small area of land adjoining our property, it is approx 7 metres by 3 metres and will be used as a parking space. Does anybody know what sort of price you would expect to pay for a plot this size? We are in the South East. Thanks

[YvonneM]

Consider how much the land would add to the value of your property and how much it detracts from the seller's property and reach an agreement somewhere in between.

[CliffsPansy]

A semi-detached GARAGE 7.6 x 4.5 metres has just been sold locally for �87,000 (Yes - thats Eighty-seven thousand pounds). From the newspaper phot, I should think that the actual garage itself is not worth so the price really is for the land. The area is more than yours so a calculation gives �53,421. So if you allow �50,000 but start with an offer of �45,000. for your piece of land it may well be accepted.

[buildersmate]

The price of land is a classic example of the laws of supply and demand in action. There's no answer to the question - well there is: - 'as much as someone is willing to pay for it'. Telling us you are in the SE doesn't help much - if you live in the middle of a town, the land could be useful to a commuter. If its out in the country its probably no use to anyone else except you. If you have already approached the owner and established he's in the market to sell, I'd suggest now approaching him/her and asking how much he thought he wanted for it. Have an idea yourself how much you are willing to pay, and if he says, what do you think, then offer about one third of your figure. You could very quickly establish by a bit of discussion whether your perception is anywhere similar to his. Bear in mind that the land must abut the public highway if you want to put a car on it, and that the Planning Authority may want to know about it, if you are creating an additional access point to the road. To transfer legally both of you would have to employ a solicitor to transfer the land title onto your main plot.

[flyciderman]

I have been a commercial estate agent for 12 years and a property manager for 11 and I can confirm that the above 2 are correct.

Think how much you want the land, how much it will add to the value of your house, and do not forget solicitors bills.