There are some great properties out there which come with a great deal of land around them. These could be extensive gardens, woods, ponds or agricultural fields. Before you buy but what are the advantages and disadvantages of buying a property with extensive land around it?
Pros
Here are some of the great things about buying a property with a lot of land.
Freedom
Having acres of land around your home can give you an amazing sense of privacy and freedom. Imagine just being able to wander outside to relax, You won’t feel overlooked by adjoining properties or passers-by. You and your family can pretty much do as you please without bothering anyone or worrying about making too much noise. Also, if you’re throwing a party, you don’t have to worry about the number of people you’re inviting as there’ll be enough space for everyone.
Extend your property
Building an extension on your home is a great way to provide extra living space for your family. Perhaps you want to add more bedrooms, a home office or even a fitness centre. In order to do this, you usually have to compromise by giving up precious external space outside. When you have a lot of land, then you aren’t really having to compromise, you can
Building Opportunities
You can give up some of your lands to building developments, both private and commercial. For example, you might want to build an additional house or bungalow for your kids to use or for older family members to move into. Or you could choose to rent out the properties in order to make a profit. It doesn’t necessarily need to be a residential space either, you could build holiday accommodation such as lodges or glamping pods.
Another option is to sell part of the land to property developers who want to build in your area. They will pay a premium for land in a desirable spot, so if you aren’t using it or have no plans to do anything with it, then the money from this can make you financially secure.
Depending on what features your land has, you can charge people to fish on it or hold classes on the grounds.
Increase property value
The housing market is very changeable. There are many things which can make it go up or down. One of the advantages of owning a property with a lot of land sound it is that it is more likely to hold its value in the market. While it is certainly not immune to negative market conditions, it will give you more options for getting a good price for it.
You can sell parts of it on without selling your home
If you find yourself needing a significant amount of money for any reason, or want to top up your savings, then you don’t need to sell your property, remortgage or take out a loan. You can sell part of the land around your property to a private buyer or commercial developer. As long as you know and are happy with whatever could be built on the land you sell, then this could be the perfect solution. There may be ways to assure the types of development allowed by leasing the land instead and writing the permitted uses into the contract you sign.
Cons
As with all things in life, there are pros and cons. Here are some of the potential downsides you might want to consider before purchasing.
Maintenance and upkeep
Large areas need huge amounts of upkeep to keep them looking good and safe for you to enjoy. If you’ve ever had even a reasonable sized garden, you know how much work it takes to keep them looking good. When you have an even bigger area to look after, this is multiplied many times over. Some large properties have land which might include fields, forests, ponds and lakes that will need something a little more specialised than a standard gardening company. Companies such as Tilhill work with land owners to manage land that contains a lot of trees or forests.
Maintaining your land could add a considerable cost to your ongoing property maintenance. Investigate the potential costs before you invest so that you don’t get any nasty surprises. If you are planning to do some of the work yourself, then as you get older, or have different priorities, it will not be as easy to do the work yourself.
Safety
If you have a young family, you’ll know how much kids love to play outdoors and explore. In a standard family garden, this is an easier environment to monitor and control. You can ensure that fences have no gaps, gates are locked and there are no unsafe plants or surfaces in them. With large lands, this becomes more of an issue. Your children might not always be in your sight, so it’s more difficult to see if they are hurt or injured. It may be more difficult to secure the borders of your land, as they may not have a traditional fence or wall.
Water features can also be a hazard for small children, so you will need to make sure that any lakes, ponds or streams are fenced off or otherwise protected.
If you’re in a rural or countryside area, there is also the possibility of various animals being on your land. If you have farmlands, then you’ll expect various types of livestock to be around. But if your land isn’t secured by fences, then there’s nothing to stop local wildlife from turning up too. Depending on the animals that are common in the areas where you live, this could be dangerous to you and your family.
Liability
If someone is injured on your property then you could be held liable depending on the cause of the injury and the country you live in. For example, if they fall over and break their leg, they might sue you and say that you failed to remove a hazard or adequately maintain the grounds.
If you have liability insurance, they’ll cover this but your premiums are sure to go up. If you have no insurance then you might find it very costly if the person who is injured wins their case.
It will remain unused
If you aren’t planning on doing anything with the land, leaving it unused can seem like a bit of a waste. Of course, that depends on the type of land it is. Forests and rural areas can be left to their own devices, but if you have other types of lands or gardens, then they can start to look overgrown and unwelcoming over time.
Key points
Whether you buy a property with a lot of land, or inherit it, there are a lot of responsibilities that come with it. What’s important is making the land work for you and your family, whether as part of your desired lifestyle or taking advantage of the commercial opportunities it presents.
It’s a good problem to have though as many people aren’t in the position to buy this type of property, so make the most of it and enjoy the many benefits it can bring.
*Collaborative post*