Even for seasoned property professionals, self builds can be hugely challenging. Indeed, the simple process of finding and buying a plot of land differs considerably from buying a house – not least because, unless you’re well established in the land network, you’re unlikely to know where to start looking. You may not realise this but land that is widely advertised as up for sale is unlikely to be in much demand. The very best plots rarely make it to the open market, such is the close-knit nature of the land industry. And, once you do find a plot of land you want to buy, you’re faced with even more challenges that – if unprepared for – could cost you dearly. We take a look at a few examples.
The wildlife trap
Ever heard of the great crested newt? No? Well if you want to save yourself a hefty sum of cash – and even a criminal record – you better get yourself accustomed with them. Great crested newts are a protected species and as such it is illegal to disturb or damage them or their habitat.
If the plot of land you’re building on is home to great crested newts you could wind up with a hefty fine and even a prison sentence if you harm them. You may be able to obtain a licence from Natural England if there’s no way around it but your best bet is to speak with an ecologist first.
The access trap
You’ll obviously want to be able to access the property you’re building! But it’s worth noting that you may not actually own the bit of land that provides that access. If someone else owns this piece of land, you could end up paying a small fortune to them, regardless of the size of it.
The ground trap
Just because the plot you’ve found is the perfect size and location, that doesn’t mean the ground is perfect for building on. Some soil is of such poor quality that in order to get it to the standard needed to build on you’re going to end up paying thousands in ground work.
Buying land takes a huge amount of due diligence. The Finance 4 Business Group can help source the perfect piece of land for your project.