With the government under increasing pressure to release more opportunities for house builders to build, the fact remains that the UK is well behind the target of 250,000 homes per year needed to be built to keep up with our ever-growing population!
You may have seen a few new developments pop up recently across the area, one in particular that seems to be creating quite a buzz is the sea view apartments in Lee on the Solent on Marine Parade East. Here at RPS we have already reserved two apartments off plan.
I’ve covered something similar in a previous article, but this month I wanted to explain how important it is for homeowners looking to unlock the value of their garden or plot to extract the best value from it.
Here at RPS, we’ve been dealing with roughly fifteen different smaller plots of land as well as some much larger sites, just over the last few months. There’s a common misconception that developers are money hungry and offer low values for land, don’t get me wrong, the scrupulous ones do! However, they are few and far between.
Developers work on profit margins, as with any business. The margins vary with each developer, so it’s important to recognise which developers to approach according to the type of land you have. Approaching a large developer with a single unit back build obviously isn’t going to be very appealing, so having a good working relationship with smaller, perhaps more local developers, can help to maximise the value.
Sounds like I’m blowing the company trumpet here, but having an expert on your side is very important to ensure the true land value is reached. Recently myself and Mark Rowe, here at RPS, worked closely with a local homeowner who contacted us, asking for advice on how to get the maximum value from his property.
After our site visit, it was discovered that a small, but well known developer, would be interested in an option agreement (full value for the land, subject to planning application being granted). A detached bungalow could be built in the back garden, whilst the owner retains and lives in his current home. This released well needed funds for the owner.
If you have a plot of land and would like to talk to myself or Mark Rowe about the current potential of it, then please remember that we don’t charge you for this service. All enquiries are confidential and dealt with in a professional manor. E: firstname.lastname@example.org or T: 02392 550555.
Article written by Jason Osborn – RPS, Branch Manager. Featured in the Lee on the Solent and Stubbington Big Voice Magazines, June 2017 Edition.