If you own a large parcel of land, developers may be interested in buying it to build a new home. They may even reach out to you directly. There are benefits to selling part of your garden to developers, but there are things you should bear in mind, too. Keep reading to learn more.
What are the Pros of Selling Your Garden to Developers?
One of the best reasons to sell off your garden to developers is to generate extra revenue. According to The Grass People, the average price per square metre of garden is £1,526, but the price of your garden can vary depending on different factors.
For example, housing demand in the area, the soil quality, local property prices, planning permissions, and other elements can impact the actual price a developer is willing to pay.
The average UK garden is around 188 square metres, but developers will only ever buy a portion of the land, not all of it.
Based on averages, if a developer bought as much as half of an average UK garden, you could expect it to be worth around £150,000, which is a sizeable amount of cash.
What are the Cons of Selling Your Garden to Developers?
Selling your garden to developers can significantly impact your property value. It can even impact the value of your neighbours’ properties. You’ll certainly make money from selling part of your land, but it will likely lower the value of your property.
The impact may be small if you have acres on your property, but it could be a huge deduction if you don’t have as much land. This can mean selling isn’t worth it.
Consider getting a valuation now and asking an estate agent what the impact might be on your property value to help you decide.
Other things to consider when deciding whether to sell to developers include:
- How it affects the natural light in your home and garden
- How much privacy you’ll have
- The impact on your neighbours and the surrounding environment
- Mortgage impact (you’ll usually need lender consent to sell)
- Tax implications on the sale of land
- Planning permissions required (and the associated costs)
Start With a Home Valuation
If you’re considering selling land on your property (like your garden) to developers, a good first step is to get a valuation.
An estate agent can provide a valuation of how much your home is worth right now, along with an indication of what it may be worth without the extra land.
Find local estate agents and book multiple valuations in just two clicks with Property Price Advice. Or get an instant online valuation using the most up-to-date data about your property.