Selling a Garden Plot
Selling off part of your garden can be highly profitable. A neighbour may be interested in having a larger garden for their children to play in or perhaps you want to sell the land for development. Development has the largest gains, subject to planning permission, but make sure you do not reduce the value of your home in the process.
- The land may be subject to a covenant. This will be in the deeds and could prevent you either from building on or separating the land from the property.
- Don't make your house unsalable. If development takes place on the land make sure that the level of light and privacy are retained.
- Ensure access is available to the land.
- Speak with your local electricity, gas and water providers to see that the land can be provided with these.
- Homeowners with more than half a hectare of land who sell a portion of it off may be liable for capital gains tax - up to 40% of the sale price.
- Sell your building after the property work is completed. That way buyers know exactly what they're living next to and you'll get a better sale.