Building Plots

Building plots traditionally have been as hard to find as the mortgage has been but as has been shown about the accelerator mortgage, Buildstore have introduced Plotsearch. Plotsearch has around 6000 building plots with various differing opportunities in different locations up and down the country. This is a complete boon for self builders as the database is very comprehensive and is broken down by geography and price.

Plotsearch just makes the whole self build process much easier. There are all sorts of opportunities: sign up for Plotshare and you can share a larger plot with others; learn about how to deal with problem plots such as brownfield sites, contaminated land or land liable to flooding.

Generally, when searching for a plot, be as proactive as possible. Familiarise yourself with the local area and estate agents and also study the local planning register to see what land has planning permission that has not been taken up.

When assessing land remember two things: first not to over develop. There will be a maximum price that people will pay for a property of the type that you would like to build in that area. Remember the rule of thirds, a third for the land, a third for the build cost and a third for profit. So if you pay over the odds for the land and you would not recover the cost on valuation, then renegotiate or walk away. Secondly, assess the type and style of your proposed house. It won't work if there are generally bungalows in the row of houses and you want a huge 6 bedroom home!

Essentially, the value of a plot is derived from the eventual value of what's built on it and what else is around it. Happy hunting!

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