When the children have flown the nest and your house has begun to feel far too big, many Hertfordshire residents dream of downsizing to a house that better suits their need. What many people may not have considered is the option of creating a purpose-built home on the land they already own. There are several reasons why a new-build on your garden plot can be a great idea.
- You can realise your dream home, newly built to your exact specification.
- You don’t have to leave the place you love, or lose the connections you have built up over the years because you’re staying in the same location.
- You can spare yourself the complexity and time taken to search to find the perfect building plot, since your already own it.
- With the cost of land comprising around 40% of a property purchase price, you can save on these costs, as you own the land already.
- When you’re ready to move into your new home, you can sell your old house and enjoy spending the difference between your selling price and your building costs, for your retirement.
Incidentally, when you move into the new property, the sale of your former home can be free of capital gains tax provided it meets the requirements of Principle Private Residence relief.
If you’re considering developing a new-build on land you already own, chat to Richard on 07818 061505 or get advice by email.