Land valuation is an integral part of getting ready to sell your land. How much your land is worth is dependent on its viability to develop property. Here are the main elements you must consider.
Factors Of Land Valuation
This relates to your local authority who decides whether or not a proposed type of development will be passed by the planning committee. To have a planning application accepted the style and size of the housing must match local plans.
Land valuation increases once planning approval is achieved. Potential developers will then begin to look into the site and see how they can develop it to make a profit long-term. However, they must be careful to not overdevelop a plot as this can lead to rejection of planning and reduced estimated value of the land.
Planning permission is a lot more common on brownfield sites as these cause less harm to the environment. These sites are already laid out and the only thing a developer needs to worry about is the cost of cleaning up the land before starting a project. Due to contamination, this will cause an initial decrease in land valuation.
Along with the site itself, potential for sustainability around the plot is also considered. Planning authorities take into account green schemes such as electric car charging points and car sharing options which can increase land valuation.
Statutory requirements are another factor to consider as these can affect the viability of a development of houses. The design of buildings can be influenced by building regulations as this ensures key aspects of serenity such as neighbour privacy, sound nuisance and fire protection.
If there are problems with design, this can elevate construction costs and negatively impact any long-term return or profit.
The final element of land valuation relates to site conditions. Contamination will be checked with soil analysis reports whereby any issues will need to be removed. This includes any strengthening for the building foundations to support the structure.
Not to mention, the importance of drainage. With climate change accelerating, it is crucial that sites have key features such as storm attenuation water tanks to prevent flooding.