PART 10: ASSESSINGI PLANNING POTENTIALI

Last month I explained how to buy a building plot and went on to set out the process that should be followed to make sure you don’t buy a dud. Over the next few months I’ll be offering a more detailed look at key aspects of plot appraisal, with the goal of laying out the correct method for working out what a plot is really worth.

For whatever reason, over-enthusiastic plot buyers tend to skip over the appraisal stage. This can result in them overpaying for land that then throws up unexpected technical challenges, or worse, has planning complications that stand in the way of the hapless self-builder building their dream home. Carrying out a comprehensive plot appraisal is therefore vitally important if you are to secure an appropriate piece of developable land for a reasonable price. This process has three main steps:

• assessing planning potential

• assessing