ML-R, Dorset
There are many things that will determine whether or not this is a good idea, and sadly there is no equation that will tell you simply that house + land = uplift.
These days one can assume that the farmer will have investigated whether planning permission might be granted on the land, which would greatly alter the value, before he decided to sell to you. The principal benefit depends on your current needs during the time you stay in the house, and what you might gain in appeal to potential buyers when you come to sell. After all, one and a half acres is not much for a five-bedroom house in the country.
The increased acreage will be important for those moving to the country who have a notion that they want more than two acres. It will be valued by families wishing to buy a proper country house where there will be enough land to ride horses, build outbuildings, put in a swimming pool and tennis court (all subject to planning, obviously). Ultimately you could let the land out for grazing but that would hardly be worth the investment — the real value is in widening the appeal of the house.
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Buying up the land around the property helps to buy you privacy, and ensure the view that will also improve the value. Do your research though. Look at ordnance survey maps, at local rights of way, and where your house sits in relation to the bulk of the land. The more central or secluded it is, the more its value will be increased. If your house ends up on the corner of 10 acres the appeal is obviously less. Talk to local estate agents and surveyors about recouping your investment, about maintenance costs and about negotiating a couple of acres if you don’t want the full 10.
Ed Mead is a director of the central London estate agency Douglas & Gordon