If you’re planning how to finance your retirement make sure you review one of your biggest assets – your home. In some cases, it can be possible to release the equity in your home with a new build on your garden plot. That means that you don’t have to sign away rights to your home in an equity release deal. Instead you can set aside some of your garden plot for a new build. By developing the new building yourself, you can gain a significant capital sum, to enjoy in retirement.
Demand for houses in Hertfordshire remains very buoyant, so you’ll be providing a much-needed home to its new occupant. By instigating the new-build project yourself you can maintain control to ensure that the new home does not encroach on your use of your current home.
Is my land suitable for a new-build home?
There are several factors to take into consideration.
- Is the overall plot of land big enough to comfortably add a new home, without diminishing your enjoyment of your current home?
- Is it possible to provide permanent driveway access to the new home through your land?
- Likewise, is there sufficient space to bring in any heavy machinery to complete the build.
- Do the physical characteristics of the site make building an economically viable option, for example in terms of the slope of the site and the type of ground?
- Is it likely that planning permission will be granted by providing a new home that is suitable for the neighbourhood and fits with local plans?
The short answer to the question: “Can I build on my garden plot?” is simply this: “It depends.”
The quickest way to decide if this may be the right option for you is to show Abbey the land you own. We can give you a good idea of what will be possible, so that you’re ready to release equity from your land, when the time is right.
Talk to Richard on 07818 061505 or get advice by email.