Search Criteria - Profitability
Our first criteria is to ensure there is a significant potential profit in the project. As opposed to a property developer's reasons for this, ours is simply because we do not know what we are doing! If it appears a good proposition, contingencies and potential oversights should be taken care of. This will also hopefully mean that if it doesn't work out for us, there is a get out clause of price reduction and sale.
Search Criteria - Travel time to London
As Tracy works in central London it is important to us that travel time door to door is less than an hour and a half. This enables us to enjoy a very wide search circle.
Search Criteria - Spend as much as possible on the Plot
There are often £100,000 + self build plots, but these are generally hovered up by developers and builders that have access to less expensive resources. As our build will need a package company and maybe even a project manager, we have elected to spend as near to the £250,000 that we have on the plot, to provide as much wriggle room as possible for potential.
Having sifted through the first lot of options, we quickly discovered that most had been on the market for a while. With our limited knowledge, we guessed this was because people that know better than us had rejected them for one reason or another.
We then discovered that there were also a few that provided little potential. Either the building plot appeared too expensive, or there were other issues ( a train line right next to one, another was under the Gatwick flight path, and one had a tiny shared drive).
It looks like it is back to the drawing board tomorrow...