Is 2023 a good time to invest in land?

What type of land is right for me?

The first thing to consider when thinking about investing in land is what kind of budget are you working with? Typically, it is more expensive to purchase properties with substantial land included in the sale.

Land for development - if you are looking to purchase land to build and develop on, you must check that you have the relevant planning permissions and that the land is suitable for this.

Agricultural land - this type of land would be well suited for those with livestock who require extra space for grazing needs.

Land for allotments - the allure of living a sustainable lifestyle has seen many people looking to purchase land for allotments and farming. You should ensure that the correct soil checks have been put into motion before attempting to grow produce on this type of land.

Buying woodland - many people see investing in woodlands as a good investment for the future. This is ideal for those who want to protect natural habitats whilst owning a piece of land where they can come to escape the hustle and bustle of life. Check the woodland deeds carefully as you won’t typically find that permanent structures for living purposes are allowed.

What are the benefits of purchasing land?

There are many benefits to buying land, whether that is part of a property sale or as a standalone purchase. These include: -

Long term investment potential - land is a long-term investment. This type of purchase is well suited to those who intend to hold onto their land for a number of years to gain the best chance of it rising in value.

Less depreciation - land typically has less chance of depreciating than most other property types. There will always be a demand for land, as the need for more development space grows. Choosing your land and its surrounding area carefully are key to retaining good value.

Versatility of use - land ownership comes with many different uses. You can choose to purchase land and leave it as it is or utilise it in a way that suits your current requirements. There may also be rental income to be made on certain areas of land.

Things to consider before purchasing a property with vast amounts of land

If you are considering purchasing a property with large amounts of land attached, then you should certainly ensure that you are able to manage the upkeep of this. If your land contains trees or woodland areas, these may require specialist attention from tree surgeons and trained professionals. General maintenance costs can all add up, so be prepared for additional monthly incomes.