{buying Land Is A Vital Part Of The Property Market

Buying land is a commercial transaction that goes on all the time

, all over the world, but it is an activity that is not noticed as much as the buying and selling of properties. This is because residential and commercial properties being bought and sold will be noticed because houses and offices are so visible. They have architectural qualities that mean that people will find them visually interesting. Also, the people who actually live in the houses or work in the offices may be high-profile business people, celebrities or otherwise well known figures.

Buying land can however sometimes cause problems with local communities where the people who live there do not want to see a property development or other building work in their locality. This is often called the 'Not In My Back Yard' mentality, or 'NIMBY' for short.

One of the main types of people who are interested in buying land will be property developers. Such people may buy land as an investment, and then organize planning permission for the land. This can be a long and drawn out process, which could take many years or research and liaison. Land with planning permission for a development of some kind will have more value than land which does not have any planning permissions. So once planning permission has been granted, the value of the land will often go up to a level that exceeds the cost of researching and securing planning permission. The property developer may sell the land at this stage.

Property developers who are considering buying land will look at possible uses for the particular tract of land under consideration, and take a view on whether planning permission may be granted or not. If it looks like a viable proposition, the property developer will then move towards making arrangements for buying the land. When buying land, property developers are not always thinking about keeping it for a long time and seeing the project through to completion. They may sell the land to another property developer at any stage, and leave it to them to see it through.

House builders are also interested in buying land, but they will usually use the land to build on and not sell the land to another developer. This is because house builders hope to profit from creating housing developments that they may plan over many years. House builders often use the term 'land bank' to describe the land that they have bought.

There will be costs associated with building houses, gardens, roads and pavements. These costs will be made up of materials, transportation of materials, labour costs for the building work, and the professional fees of people like architects and interior designers. When house builders are considering buying land, they will think about it carefully, as they will be holding onto the land for many years as they will be seeing the project through to its ultimate conclusion.

by: James JR Robinson

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