Could we afford to buy land for £16,000 and build a posh property on it?

We're a small family, all with average wages. I myself am a full time student who also works part time at a call centre, my mum is a supermarket supervisor and her fiancé runs his own landscape gardening business. My grandfather is also a builder. We have been offered a several acre piece of land by a farmer in a fantastic area where large, expensive houses tend to be built, for £16,000. It seems an absolute bargain.





This is a new venture for us, and we're unsure of whether to go for it, how much it would cost us, if we could afford it, and what we would need to do.





Can anyone advise us if we could afford to create this project, based on our typical family wages. We could design, and possibly build a house without too much bother based on experience. But is this project worthy? What would be the process?





Hope you can help us! Thanks!

Could we afford to buy land for £16,000 and build a posh property on it?
not possible to give you sound advice without more facts sorry





regards x kitti x
Reply:You have to make sure that the farmer is not trying to dupe you.





Does the land come with planning permission? has planning permission already been declined?





Is the ground contaminated or need work?





For a small plot of land with planning permission in town would be at least £80,0000





Have a land survey carried out
Reply:I'd have to agree with Paul S. It doesn't mean because there is developments locally this particlar land has planning permission on it.


It could be classed as agricultural land. That comes a lot cheaper but as far as I know you will not get planning permission to build a house on it.
Reply:I don't know, but I love the way ya'll talk!! Really, real estate investing is risky and you really need to know what you are doing to avoid catastrophic losses. The fact that you are asking this question tells me that you probably need to investigate and get educated much more than you have. "Bargains" are tempting, but not worth the risk of losing your shirt because of ignorance. I don't know about the UK, but generally speaking in the US, the larger the house, the slower the market. While you might make more money per sale, it takes a lot longer to sell due to a much smaller pool of potential buyers. If you're truly interested in real estate investments, I'd start small and test the water and your talent. One more thing, absolute bargains rarely are. Do you know why the price is low? Have you checked out building and zoning codes, easments, contamination, etc.? There's nothing like buying a property and finding out later it can't be built on. I don't mean to sound discouraging, but I do want you to have the best chance of success in whatever you decide. good luck, peace
Reply:Are in you in UK? Then you need to ask why he's selling several acres for only £16,000, this seems ludicriously cheap. I know where we live in N Ireland 1/4 acre with full planning permission was sold recently for £225k. You need to find out if there is planning permission or is it zoned for building. Try and get an architect to give advice and maybe also a solicitor. If this land is farming land with no chance of ever getting permission to build then that would be about the right price.
Reply:In England?








Are you sure??





Check it out. Get a lawyer to check it. That is TOO cheap.
Reply:If in Uk the first thing to check is if you could get planning permission to build on it...if not...such as on green belt land or other restrictions, then all you are buying is a field...surely as a builder your Grandfather should know this....have a word with the local planning dept. first before you agree to anything.
Reply:same as previous answered