Garden First in Land Development

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1919 edition. Excerpt: ... CHAPTER VII FINANCE AND LAW Although it would be presumption to attempt to advise generally on such a speculative purchase as land for building development, a few comments on certain financial aspects of Garden First schemes may not be out of place. One point, which must not be lost sight of, is the compound interest to be allowed for, not only on the cost of the land, but on the larger cost of development plus the expenses of management and upkeep of the unsold portion from time to time. In order that this shall not swamp the profit, it is not advisable to pay more than about 150 per acre for the whole estate--being land which, while not far from a station, is at the time of purchase only agricultural. A reasonable distance from a railway that offers a short ride to London or some other city is of the first importance. Conveniences in the shape of domestic supply will not be slow to meet the demand created by a new district, and such means of transit 03 as the motor-'bus or tram will probably follow all too quickly for the real welfare of a neighbourhood largely dependent on sentiment for its success and popularity. It requires some courage to talk of sentiment when discussing the financial and legal aspects of building development, as the word is easily confused with sentimentality; and, like love and lust, praise and flattery, these words--in their essence the antithesis and not the complement of each other--have a similarity sufficiently true to make it difficult to know where one ends and the other begins. Still, the fact remains that sentiment plays a very important part in Garden First work; and it would probably be better to subsidise a quiet-looking horse brake to and from the station than allow the ordinary type of London...