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Value of Garden
henry24
Posts: 455 Forumite
I have asked my neighbour if he would sell me a small piece of his garden he as about 14 acres all very rough. The bit is 17m x 8m and can only ever be used as garden.
How would I value it to be fair to both of us? it would more than double my garden and don't really want to get an agent in because of the cost. The area is just south of the humber bridge.
How would I value it to be fair to both of us? it would more than double my garden and don't really want to get an agent in because of the cost. The area is just south of the humber bridge.
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Comments
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The value of the land is what you can come to an agreement to with your neighbour.
Nothing else matters.0 -
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Basic rule of thumb being the "marriage value" - ie the loss of that land to your neighbour will make his plot worth a little bit less on the one hand. It will make yours worth a little bit more on the other hand.
I gather the general idea is to pay him half the amount of "added value" your house would acquire from owning it.
After that comes in the factor as to whether current land-owner wishes to be greedy and ask for more - just because they can (ie if they think you want it enough to pay more than it's worth).0 -
That's what I'm trying to work out the area coming from him is a very small part so shouldn't effect his value but it will double my garden so going to add value to my house.0
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Time for a good google at Rightmove listings in your area perhaps?
Might give you an idea...0 -
Start with £50 and be prepared to increase in necessary0
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Its value to him is the amount below which he won't sell.
The value to you is the amount above which you won't buy.
The value to anyone else is probobly £0.0 -
You could start with a relatively low offer and say you'll cover his legal costs?0
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That's what I'm trying to work out the area coming from him is a very small part so shouldn't effect his value but it will double my garden so going to add value to my house.
If the land can definitely never be built on, you might start off by valuing the neighbour's loss at agricultural land value, say £3,000 per acre. The bit you want to buy is 0.034 of an acre, so that works out at £100. Maybe a bit more if you use the sort of price per acre that small parcels such as pony paddocks sell for. That's hardly compelling from his point of view, even if you double or treble it.
However, your gain is going to be much higher, I assume. So a fair value would be roughly half your gain, and that might be enough to get your neighbour interested. Are you able to assess that at all accurately?No reliance should be placed on the above! Absolutely none, do you hear?0 -
Its value to him is the amount below which he won't sell.
The value to you is the amount above which you won't buy.
The value to anyone else is probobly £0.
Whilst true, I struggle to see how that helps the OP to formulate any plans?
No reliance should be placed on the above! Absolutely none, do you hear?0
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