Reply to: Land development

[PAH]

One area that might be worth investigating is conversion of commercial property to residential.

I'm sure I read somewhere recently that due to lots of bricks and mortar businesses closing down leaving loads of commercial properties empty that planning depts are more open to allow such a radical change of use.

'Just' need to find the right building and make sure it's not got a past involving dodgy chemicals that mean it would cost tulip loads to have the site officially decontaminated.

There's a few prime candidates in my old hometown that have been left to decay for what seems like decades. Still have the 'for sale' signs on them. Maybe they're listed so a ball-ache to do anything with, and are now in such a decrepit state that demolition is the only sensible recourse.

[Paddy]

Go for a chat with the local planning officer first, they should tell you if there is a chance to get planning permission.I went down that road a few years ago, a mistake on the plans and they got rejected. Lost interest, sold the land a few years later and got 100K more than I paid for it

Like fuc3 they will. I wanted to purchase and develop a town centre building into a win bar. The planning department said it would be impossible and they would oppose it all the way. A few months later it was purchased by another person and up and running without any opposition. Moral; be prepared to had over cash to the planning department.

[ChrisPackit]

Were you on Grand Designs?

Interesting you mention that, but No. I did apply for it early on and they rejected it as at the time, I didn't have full planning permission through. The more I thought about it though, it was a good move I think as a lot of the proceeds towards the build came from the sale of a 'cash rich' business, so I'm sure it may have aroused suspicions...

[SueEllen]

My plumbing has always been in check, thank you!

Some of the stuff I did was fit first floor joists, board first floor, fit stairs, most of first fix electrics, most of first fix plumbing, fitted out all (5) bathrooms, built whole upstairs studded walls, insulated and plasterboarded upstairs, fitted windows and conservatory.... ****...I'm struggling to think of things ! Pretty much everything except for foundations, brickwork and roof trusses.

Were you on Grand Designs?

[EternalOptimist]

My plumbing has always been in check, thank you!

Some of the stuff I did was fit first floor joists, board first floor, fit stairs, most of first fix electrics, most of first fix plumbing, fitted out all (5) bathrooms, built whole upstairs studded walls, insulated and plasterboarded upstairs, fitted windows and conservatory.... ****...I'm struggling to think of things ! Pretty much everything except for foundations, brickwork and roof trusses.

blooming heck.

I put a tent up in Keswick a few weeks ago and I was dead chuffed with meself

[ChrisPackit]

My plumbing has always been in check, thank you!

Some of the stuff I did was fit first floor joists, board first floor, fit stairs, most of first fix electrics, most of first fix plumbing, fitted out all (5) bathrooms, built whole upstairs studded walls, insulated and plasterboarded upstairs, fitted windows and conservatory.... ****...I'm struggling to think of things ! Pretty much everything except for foundations, brickwork and roof trusses.

[EternalOptimist]

I did exactly this 3 years ago. Bought just over 1/3 acre land (£150K) in the North Manchester area and built my dream 5 bed house, but more importantly a Quad car garage. Cost about £200K maybe a bit more, and house was valued at £475K recently. Apart from the obvious cash return (which is only certain I guess when one actually sells it), the experience for me was amazing as I did a lot of the work myself. I'd just sold a business, had 6 months off to work on the build then returned to contracting to pay to finish it off!

Stressful, isn't the word though. If you plan to PM it and so some yourself as I did, expect huge headaches, add 50% to what you think it will cost, some physical exhaustion and a near divorce thrown in and you may be somewhere close. Mine is still only 95% finished, there's always something to keep me occupied, but very rewarding.

If you want to PM me for some sound advice rather being ridiculed on here let me know...

impressive. what about the plumbing and the wiring ?

[ChrisPackit]

I did exactly this 3 years ago. Bought just over 1/3 acre land (£150K) in the North Manchester area and built my dream 5 bed house, but more importantly a Quad car garage. Cost about £200K maybe a bit more, and house was valued at £475K recently. Apart from the obvious cash return (which is only certain I guess when one actually sells it), the experience for me was amazing as I did a lot of the work myself. I'd just sold a business, had 6 months off to work on the build then returned to contracting to pay to finish it off!

Stressful, isn't the word though. If you plan to PM it and so some yourself as I did, expect huge headaches, add 50% to what you think it will cost, some physical exhaustion and a near divorce thrown in and you may be somewhere close. Mine is still only 95% finished, there's always something to keep me occupied, but very rewarding.

If you want to PM me for some sound advice rather being ridiculed on here let me know...

[MarillionFan]

So you were touching yourself when you posted this?

Wearing stockings and suspenders?

Yes.

[Clippy]

We had this discussion a while back somewhere. One of the less regular posters had built some flats and an office. He went into quite a bit of detail if I remember rightly.

Use the bloody search option above.

MF in 'Northernlad' Mode.

So you were touching yourself when you posted this?

[MarillionFan]

We had this discussion a while back somewhere. One of the less regular posters had built some flats and an office. He went into quite a bit of detail if I remember rightly.

Use the bloody search option above.

MF in 'Northernlad' Mode.

[DimPrawn]

Buy up cheap land/rundown detached house/bungalow on large plot at auction.

Apply and pursue PP for large modern house.

If successful, sell for large profit or build it an live in it.

If not, sell at auction and get your money back. Rinse and Repeat.

Simples.

[milanbenes]

two words....


due diligence



Milan.

[Clippy]

The problem is that land with planning permission or potential to demolish and rebuild is priced too high.

Similar to houses that need refubishment priced equivalent to estimated value after refurb minus estimated cost of refurb.

Hard to find bargains, unless you're willing to put up with flaws such as near a pylon, railway line, motorway, floodplain, or disused mine shaft.

In the last 10 years or so speculating developers have cornered the market. Many estate agents have preferred clients (builders who may have 'done a deal' with them to get first nod) they contact before advertising new land/properties to the wider audience. So any advertised suitable land is going to be top whack.

Agreed - many years ago, you could negotiate for well below what it would cost to refurb the property thus ensuring a healthy profit.

[PAH]

With this in mind, the question that arises is why isn't the vendor pursuing obtaining permission again - in theory all he would have to do is update and re-submit his previously rejected plans which, I believe, shouldn't be too costly.

Maybe he has already enquired and found permission unlikely, so it's more profitable to sell as 'potential for development' with the premium added to the price, and let the mug who buys it find out it really isn't.

Only way to be sure is to apply for permission. Only when it's granted can you say the land will get it.