What is Land Assembly?
and Assembly is when several properties that are adjacent to each other are being sold by the same agent together to make way for a bigger plot of land and sold to developers, this is called land assembly. If you are curious about the process or have a giant lot of land you are looking to sell, this land assembly blog post is for you.
Begin with the right Evaluation
So, when it comes to the biggest question: how much is my home worth under the Official Development Plan? A big plot of land is worth more than a smaller plot and thus has more space and options. There are a variety of ways to figure out the cost, but the best way is to work with a realtor who has experience and training in land assembly. When you are looking for potential realtors, make sure you are asking them questions like: Have you done this before? What’s your land assembly history? What’s your understanding of contracts and contract law? What developers do you work with? Like any real estate deal, it is best to work with a knowledgeable agent that has your best interests in mind.
Zoning of your land
London has a variety of zoning for different spaces and land size - some areas are only zoned for single family homes, while others can have townhouses or small high rises. When it comes to the zoning and what the developer can build on your land will have a major impact on what your land is worth. Knowing the zoning for your home can make a huge difference in what a developer might offer you for your land.
Raise your Concerns
When it comes to selling your home for land assembly versus a residential sale, will it matter that you just got some renovations done to your house? When it comes down to it, it is best to look at the money you spent on your renovation versus the money you will make through land assembly (you are more than likely going to make that money back on land assembly rather than selling the home as an individual unit).
What’s Your Next Move?
Once you have finally inked that deal and sold your home, you’ll need somewhere else to stay. When it comes to moving, you might not have to move as soon as you think. Some people get their money three months after the deal and can stay in their home for as long as they need to. The process can easily take a year from the initial conversation through to you receiving the funds, but the payout is worth it since you’re getting more than you would in a regular sale. Lastly you aren’t directly involved in the process and with the proper real estate representation, you won’t have to put that much effort to get the process completed, even though it sounds like a tedious process. When it comes to land assembly let our team help you and hold your hand during the process.