Purchasing part of neighbour's land - tips, advice, gotchas?

For one of our Queensland IP's, we've been given the option of purchasing part of a neighbour's land, so that we can extend the back yard of our property.

My main question is about how do we value such a purchase? Is there a standard formula to use?

If anyone has done something like this before, do they have any words of advice, gotcha's to look out for etc?

Thanks.
H.

 

The value is how much it is worth to you.

A local RE agent should be able to give you an idea of how much extra value the additional land would give. But if you really want it, e.g., to build a pool, tennis court etc, you may be prepared to pay a premium.

Research the costs of surveying and re-registering both altered sites. Be very clear who is paying costs.
Marg

 

Thanks Marg.
Our property currently has a small back yard so the attractiveness of purchasing the land is to do one of the following:
- just have a bigger back yard
- relocate and/or extend the current house
- build another property on the back part of the extended land, or knock down and build a duplex.

 

As the extra land will give you development options then it is clearly very much worth it to you to have.
Good luck!
Marg

 

Hi Humphrey, have you successfully bought the land you want? and may I know the rough cost, pls? Thanks.