If you’re considering buying or selling garden land, the first thing you’ll need to find out is its value. Much like home valuations, valuing land can be a complex process, so it’s important to take the right approach and partner with an expert.
Here’s everything you need to know about having garden land valued.
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What is garden land?
In the context of property, garden land is land that can be sold by homeowners to buyers who intend to use the space for further development, commercial use, or land assembly.
How is garden land value calculated?
The value of your garden land will be calculated per square meter and will depend on your location and various other factors. There are three main methods of valuing land in the UK:
- The sales comparison method – This method compares the property to recent sales of similar properties in the local area.
- Income method – This method estimates the potential income the land can generate over time.
- Cost method – This method calculates the cost of replacing the property, minus depreciation.
Related: Three ways your home can earn its keep
How to get garden land valued
The best method of valuation will depend on your specific property. For example, the sales comparison method is more suitable for those selling or buying garden land. Whereas if the land is being used for commercial or investment purposes, then the income method is better suited.
If you’re selling land, speak with a local estate agent. Someone with experience selling in your local area will be able to help you set a realistic and competitive asking price.
If you are buying land, getting a professional valuation first can help you decide whether the asking price is fair, allowing you to make an informed decision. Additionally, you could also hire a surveyor to assess the condition of the land and highlight any potential problems.
Related: Your guide to understanding your property’s value
Factors considered in a land valuation
There are many factors that should be considered in a land valuation, and some will be specific to your property. For example, being able to park on the land might be considered, or the value of the house next to it. Here are some other key factors which may affect your garden land’s value:
Size
The larger your plot of land, the more value it could hold. Although this depends on your property’s specific location.
Location
The location of the property is one of the most significant factors in determining its value. Being situated in a desirable area with good transport links and amenities could increase its value significantly.
Zoning
Garden land that is zoned for commercial or residential use could be more valuable than land zoned for agricultural or other uses.
Development potential
If the garden land already has planning permission, or there is potential to gain it, then this will be reflected in its value.
Development controls
If there are certain restrictions on construction such as land use, land tax, and floor area ratio, these will all be factored into the overall value of the land.
Topography
The land’s topography (meaning its slope, drainage, and soil quality) will directly impact the cost of construction, which could potentially lower the value of the land. For example, if the land is on a hill or a slope, it will likely be more expensive to develop, and therefore might have a lower asking price.
Land records
It’s important to have verified records of the land’s previous purchases and buyers. Particularly in the event of any disputes, the current owner will need to verify that they own the property. Land without this verification may be valued lower and the risks of dispute are heightened.
Want to find out more about the value of your property? Book a valuation with one of our expert agents.
