Does anyone know much about owning land

I have an opportunity to buy some land.

It will cost about 10k, and there is space for about 30 houses.

It's currently on the edge of the town BUT outside current development areas, hence why it is so cheap, but it would be a natural expansion point for the town it is in.

It is wasteland at the minute, so maintenance is at a minimum, but it is far away from where I live anyway.


I'm thinking that it would be a great pension investment, and if the town council decides it needs to expand it is going to get planning permission.

However, I'm worried about the costs that I might incur in owning such a piece of land.

Anyone offer any advice.

 

you need a gun. a big one that makes noise to keep the kids off

 

Space for 30 houses? So presumably between 2-4 acres? For &pound;10k?</p>

Check it out very carefully, planning restrictions, land contamination, etc.</p>

If something seems too good to be true it usually is - and this seems too good to be true.
</p>

 

all Benny said

you just have to wonder WHY 30 houses are not already there. Prime building land (i.e. with all relevent boxes ticked,planning permision etc) for that amount of houses would cosy vastly more than that. before you part with 10 k get a solicitor to check it thouroughly, that will not cost a lot.It could save you buying a millstone.

 

Ye get a goat or a sheep

 

Sounds too good to be true, 10 grand for 30 houses

You know what they say about 'too good to be true' its usually not true.

My guess it could be contaminated land but a good search and Solicitor would tell you that.

 

RE: all Benny said

That's why it so cheap.

It's right on the edge of the town, but not within the current development area. Turned down for planning permision recently.

It's part of a farm now, therefore green now, but in 10 to 15 years time as pressure grows on housing..............

Givent that stocks and shares and that are a fairly big risk and potentially don't return much the possibility of the requirement for housing is a basic gamble I'm willing to take.

That's the risk. a little money out now for potentially mega bucks as I come to retire or even when my kids retire....10k for land as part of a balanced portfolio is relatively a small amount to invest.

I wondered if theres a "idiots guide to owning land"

I guess fly tipping and gypsys are a major hassle for this time of plot, especailly as I'm so far away, but other than that I wondered whether there were any other issues.

 

What if you cant get planning permission what happens then?having said that if there ever comes a day when you have hit the jackpot.

 

Are there any taxes on owning land?

Or is that just property?

 

IMO

...if it's that cheap, I'd be prepared to take a punt.

At the end of the day, you'd always be able to get rid of that at auction when the time suited as someone else would take the same gamble. Sold as seen basically - fly tipping or not. Not aware of the auction market up your way but cheap land will always sell.

As an aside, my old man rang me yesterday morning when I was in work to say that I was on "Homes Under the Hammer" as he spoke lol.

 

RE: Are there any taxes on owning land?

Yes either: capital gains tax if you sell it at a profit or</p>

corporation/income tax if you sell and you're a property developer.</p>

 

Ask to have a look at the planning application submitted

Also, Is it contaminated? Covered in Japanese Knotweed or another invasive species. Poor geology? Mining issues?</p>

Ask to have a look at the planning application submitted.</p>

I'd look to get a LQS on the site before buying. About &pound;2-3 thousand + VAT.</p>

 

While you're here and totally off subject

Do you like Cardiff City Superstars by Helen Love?

 

That is totally off subject

...but yes, absolutely love it

Tra la la, la la la la....

 

I was just curious

I think they're (she's) excellent. For obvious reasons that isn't one of my favourite tracks.

 

TBH

...that's the only song of hers I've heard - but as far as I'm concerned (jadore)

 

RE: TBH

http://www.youtube.com/watch?v=WFcu7gSt640

 

RE: TBH

...hmmm, not really my cup of tea but there you go.

Couldn't resist clicking on Cardiff City Superstars though, lol - so many memories

 

I was off work yesterday and watch that....

Were U really on it? their was a bloke from Wales, bought a house for £42k spent £6k and it was worth £60k. Was that U?

 

RE: I was off work yesterday and watch that....

No, that wasn't me. I was at the auction (selling as it happens) and my old man reckons he nearly choked on his cuppa when he saw me. Now I may be no oil painting, but for your own flesh & blood to be having a pop...

Oh, and don't be telling tales to me - off work indeed. You day-time telly fans need to take a long look at yourselves lol