You might be surprised to find out that it is actually very easy to subdivide your backyard and generate some extra money for yourself. The only thing you need is a big enough backyard!
Subdividing is the process of changing your one plot of land, which has your home and garden, into two or three plots. Each plot can have its own property and backyard.
However, there are steps that need to be followed to make this possible. The first is to employ the services of a construction surveying firm. They will be able to lay out your exact boundaries. You will then need to decide on access. You can only build a second property in your yard if they have access to the road. This might mean turning your driveway into their access road or splitting your land down the middle so that both properties front the street.
You can even knock down your own home and build a complex of several homes!
Of course, you will need permission. Once you have had the survey done and drawn up, the plans they will need to be submitted to your local authority and our neighbors will have the opportunity to object.
On the assumption you’re successful, you will need to have a budget ready and partner with a good building firm to ensure the new properties are built properly.
Reasons to Subdivide
There are several excellent reasons to subdivide your backyard; if you can get the permission:
- Sell land for a profit
If you have a large backyard you might be able to sell a portion of it to a property developer who will create one or sometimes more homes there. They will buy the land from you, so it is important to specify what can and can’t be built before the sale is completed. This should be drawn into a contract to make sure all parties are clear on their rights.
If you choose this option you will have no right to go on this section of land. Do not allow them to build too close to your own home; it will ruin your privacy.
- Build a property to rent
A popular option is to build a new property which can be rented out. Or you may wish to move into it and rent your own home out. This can be a great way of downsizing or upsizing without really needing to move. It will also create an income for you which should cover the cost of your borrowings and ultimately give you a retirement income!
- Build a property for a loved one
The third main option is to build a home that a loved one can move into. This will allow them to retain their independence but have you on hand for any issues. You will need to be sure that you can cover the cost of the build or come to an arrangement with your loved one.
This is a popular option as it allows you to care for your loved one without the friction of having them in your own home.
Whichever option you choose, by following the correct process you will be happy with the result and probably wish you had done it sooner!