Any landowners ever been approached re site holders wanting to extend their site?

An Ri rua

Interested to know whether any of you have successfully concluded such transactions and what formula you sold by.

1. How much it increases their site value by. Seems the most likely one.
2. AG value. Why bother.
3. A mix.

Seems the norm is that they pay conveyancing and both solicitors.

Thanks


Interested in anyone's war stories to be honest. But concluded transactions mostly.

An Ri rua

Bump

redbeaard

I don't know what or if there's a set way to work this out but I'll just tell you what I did.

A few years ago a neighbor, who I'm on very good terms with, they were friends with my father, approached me to buy a very small strip of land behind their house to fix a terrible landscaping job which left them with a couple of tons of rock ready to slide down a hill onto their house.

Anyway I measured what they needed and worked out what that would be worth at average the value of a site, let's say 40k an acre, they needed 1/4 acre so valued it at 10k. I then felt bad charging so much for so little so I asked for 8k and they payed solicitors and fencing costs.

They were happy and I was happy. I've also heard of valuing at 20% of the value that it's adding to the property but I'd say you'd need an quantity suvayer for that.

I said

redbeaard wrote: »

I don't know what or if there's a set way to work this out but I'll just tell you what I did.

A few years ago a neighbor, who I'm on very good terms with, they were friends with my father, approached me to buy a very small strip of land behind their house to fix a terrible landscaping job which left them with a couple of tons of rock ready to slide down a hill onto their house.

Anyway I measured what they needed and worked out what that would be worth at average the value of a site, let's say 40k an acre, they needed 1/4 acre so valued it at 10k. I then felt bad charging so much for so little so I asked for 8k and they payed solicitors and fencing costs.

They were happy and I was happy. I've also heard of valuing at 20% of the value that it's adding to the property but I'd say you'd need an quantity suvayer for that.

Did you value the piece of ground on Agri value or site value?
I'm curious to know was the strip of ground you sold part of a site or as you say it was behind their site so only good to them to use?

An Ri rua

I said wrote: »

Did you value the piece of ground on Agri value or site value?
I'm curious to know was the strip of ground you sold part of a site or as you say it was behind their site so only good to them to use?

Its answered very clearly there? Site value. And behind their site??

Thanks @redbeaard I appreciate the sanity check. It makes good sense.

I said

An Ri rua wrote: »

Its answered very clearly there? Site value. And behind their site??

Thanks @redbeaard I appreciate the sanity check. It makes good sense.

He says behind their site I'm asking the question was that part of a site behind their site or as you see in the country most sites back onto Agri land is that clear enough for ya.
It appears to me he got the going rate for a part of a site that may actually be and only part of a field behind original site so should have only charged the Agri rate per acre which would be a lot less.

redbeaard

Did you value the piece of ground on Agri value or site value?
I'm curious to know was the strip of ground you sold part of a site or as you say it was behind their site so only good to them to use?

Well to answer your question the land was behind their house but it was also in front of another road so yeah it was another possible site. I say possible as due to the size and position of the field behind there's a very good acre site in it but an acer would leave a useless little strip so you'd probably include the whole lot. You'd need to see it with the hill and all.

But that said even if it wasn't a site I reckon it's worth more than just the agri value. I honestly amn't interested in selling any land, agri or sites, so why shuold I sell good land to somone for cheap just because they live beside it?

It appears to me he got the going rate for a part of a site that may actually be and only part of a field behind original site so should have only charged the Agri rate per acre which would be a lot less.

So lets say it was purely agri land, you obviously think it shuould be sold for agri prices. Can you say why? It's not like it's going to be used by them for agri purposes. The second it's transfered to them a 10k bit of land might add 40k to the value of their property.

Jesus if the rest of my neighbours found out they'd be forming a queue

Bass Reeves

I said wrote: »

He says behind their site I'm asking the question was that part of a site behind their site or as you see in the country most sites back onto Agri land is that clear enough for ya.
It appears to me he got the going rate for a part of a site that may actually be and only part of a field behind original site so should have only charged the Agri rate per acre which would be a lot less.

While I would not like price gouging neither would I sell a small parcel of land for agri value. First off if I had no intention of selling why should I see at agri value. I have sold no site's but if I was in OP situation how would I value it. I would expect all my costs and any capital gains covered with in the agri vale part. After that I think I would look for 3-4 times agri value for the portion sold. I think red beard was quite fair if anything. Maybe if it had been a larger piece of ground and had no potential site value (especially if site value was high in the 50K+/half acre) you could value different. However I would be loath to sell small piece of land at at agri value.

I said

redbeaard wrote: »

I don't know what or if there's a set way to work this out but I'll just tell you what I did.

A few years ago a neighbor, who I'm on very good terms with, they were friends with my father, approached me to buy a very small strip of land behind their house to fix a terrible landscaping job which left them with a couple of tons of rock ready to slide down a hill onto their house.

Anyway I measured what they needed and worked out what that would be worth at average the value of a site, let's say 40k an acre, they needed 1/4 acre so valued it at 10k. I then felt bad charging so much for so little so I asked for 8k and they payed solicitors and fencing costs.

They were happy and I was happy. I've also heard of valuing at 20% of the value that it's adding to the property but I'd say you'd need an quantity suvayer for that.

Did ye sell the original site

redbeaard

I said wrote: »

Did ye sell the original site

My father did, 20 odd years ago.