how do i know how much to pay for land?

Question

i am wanting to purchase some of my neighbours land and dont know how much to pay for it .the size is a double garage.

Answer 1

It depends on the area and use. In Surrey, a single garage can be bought for about £5,000 but in a good part of London it would be upwards of £50,000. If you are thinking of using the land to extend you house, it will be worth a lot more with planning consent.

Answer 2

I assume you are in the Uk because you can spell neighbours and the title of this forum is UK and Ireland.

land is worth what someone will pay for it, simple as that.

Also, it depends on how much somemone wants to sell it.

I've bought and sold to the rich and poor and you can only judge the cost if you know the interest in buying/selling.

I couldn't make a deal once even by offering to clear someones mortgage for them, I've also failed at deals with millionnaires twhen trying to buy .5 acre of thier 500 acre estate....we all have our hidden agenda.

If its a plot the size of a double garage, then for garden it'd be about £2-5 K in the south, £1-3K in the north..you realise this is approx, right ? many facors count.

The initiator ( i.e the person that wants the deal to start with, you in this case, ) should offer to pay all solicitor fees. Put a limit on it - about £300

However, if the person gets wind you are going to build on it then they may charge more.

Ignore UK standard land selling prices for this size plot. they are a guide for agriculture.

Answer 3

Get a few estate agent to come and give you a valuation. Someone specialized in the sale and purchase of land would be ideal.

Answer 4

Hire and appraiser it may cost like 300-400 bucks but depending on what you are buying the land for it may be worth it.

Answer 5

ask a reputable real estate agent or broker or ask to see the property tax notice for the tax assessment.