Assessment of the value of a piece of land

Good morning everyone,

after a long time of my wife and me quietly reading along, we have decided to share a topic with you and hopefully receive helpful feedback.

We moved into our townhouse in the "Speckgürtel" of Hannover in late summer 2021. With 140 sqm, the living area of the house is more than sufficient for us. However, with a 15 sqm terrace and about 50 sqm garden, it could be a bit more here. Adjacent to the five townhouses (opposite the entrance) there is a plot of land that was offered to us (all the townhouse owners together) for purchase at the end of last week. The plot is about 700 sqm in size. There are five old garages/sheds on it (presumably leaking and possibly insulated with asbestos). It is NOT building land and, to our knowledge, cannot be converted into such. The plot can only be accessed with vehicles via our access road. There is no right of way. For us, however, it could be used as garden space (playground, barbecue area, beds, etc.).

Perhaps a little about the location: We are in a small town in the historic city center with nearby shopping facilities, public transport, banks, cinema, highway, etc. A few kilometers further out, however, it already becomes very rural.

Now we are very undecided about what price we would be willing to pay for this plot. After all, on the one hand, it is just grassland. Fields nearby are around 150 EUR purchase price per square meter. But they can at least be used for agriculture. On the other hand, we would have more space and our property would certainly gain value through the additional communal land. In general, we would be happy about the additional area, but not at any price.

Therefore the question(s) to you. What value would you assign to the plot or offer the owner? How would you determine the value so that it is as fair as possible for both parties?

If you need any more information, we will of course gladly provide it. Thanks in advance for your feedback.

I would first take a look at the land reference values for your location. You can use those as a guide. I would somehow include the costs for demolition and disposal of the garages in the offer.

dass it was offered to us (all townhouse owners together) for purchase at the end of last week.

Freely after Klaus Kinski, "I don't understand the question." (even though the above is not directly a question.) :rolleyes:

All townhouse owners together means? The community should buy it? And if something is offered, there is usually a price in the offer, right?

But you want to buy the property just for yourselves?

How is the forum supposed to know what prices you pay for "grassland"?

Show a picture from Google Maps so that one can somehow place the additional property...

I would first look at the standard land values for your location. You can use those as a guideline. I would somehow include the costs for demolition and disposal of the garages in the offer.

I wouldn't claim that you can rely on the standard land values nowadays. In our area, the standard land value was €100 / sqm three months ago. Plots were sold for €400 / sqm. If the land was offered to all the townhouse owners, then the question would be whether everyone agrees. If not, what then?

It is apparently not building land. Therefore, I would set the value for agricultural land. The fact that it is only accessible via your property and no right of way exists makes it pretty unsellable. Only you are able to provide access.

Adjacent to the five terraced houses (opposite the entrance) there is a plot of land that was offered to us (all terraced house owners together) for purchase at the end of last week. The plot is about 700 sqm in size. There are five old garages/sheds on it (presumably leaky and possibly insulated with asbestos). It is NOT a building plot and to our knowledge cannot be converted into one. The plot can only be reached by vehicles via our access road. There is no right of way. However, for us it could be used as a garden area (playground, barbecue area, beds, etc.).

I have to quote Kojak here: "i lllove it", how "economical" some questioners are in clarifying the background here. From the sparse factual descriptions, one can only piece together a very vague picture: I suspect "our access road" is a shared driveway (which presumably would also serve as an emergency right of way for the plot in question) to a row of five terraced houses; "opposite the entrance" presumably means that the plot in question is virtually an "opposite front garden", so incompatible with the back gardens of the houses. It would be interesting to know if this might on the other hand be possible with its other neighbors, i.e. those potential co-bidders on the tight market for the plot in question. The descriptions of the building stock and that it is not a building plot contradict each other. Regarding the plot in question I can only speculate very vaguely here that it belongs to a larger area on which the seller has developed two detached houses opposite the five terraced houses (and now because of rocky or contaminated soil finds no fools for them???). In any case: the OP should realize that in this fog every crystal ball must remain dark :-(

Show a picture from GoogleMaps so that the additional plot can somehow be classified...

I can only join this petition (and add from experience with the note that something should be recognizable there as well, so please refrain from the usual games).