Building your own house is definitely a massive task especially if you lack experience, but with careful research and planning it can definitely be possible and could make a very satisfying experience, maybe the most exciting thing you've done in your life. This isn't a guide on how to build your house from scratch.
Why self build?
Firstly most self builds, if managed properly, should be worth considerably more than the standard construction costs upon completion. If all goes to plan this means you get your ideal home for a fraction of the market price.
You do however have to consider the amount of time and effort could be huge, depending on the build you may need to free up most of your time.
Another good reason to consider building your own home is the freedom and flexibility it gives you, you can design your own planning and supervise the smallest of details.
You do however have to consider the amount of time and effort could be huge, depending on the build you may need to free up most of your time.
You do however have to consider the amount of time and effort could be huge, depending on the build you may need to free up most of your time.
Research the price of land, architect fees ( if needed), builders, material, fixtures, building services and furniture. Bargaining is key, make sure you always squeeze the best bargain for the smallest of details, even the smallest bargains will add up to save you a fortune in the end.
You'll also have to consider secondary costs, such as rent while building if you've sold your old house, you may opt to live on a caravan or ask to stay at one of your friends or relatives.
Getting the budgeting right is probably the most important step of the build.
The next step is financing your budget..
Get a Budget
This step is crucial, before you start stockpiling on raw material you need to set up a budget and stay on it, to the cent.
Research the price of land, architect fees ( if needed), builders, material, fixtures, building services and furniture. Bargaining is key, make sure you always squeeze the best bargain for the smallest of details, even the smallest bargains will add up to save you a fortune in the end.
You'll also have to consider secondary costs, such as rent while building if you've sold your old house, you may opt to live on a caravan or ask to stay at one of your friends or relatives.
Getting the budgeting right is probably the most important step of the build.
The next step is financing your budget..
The next step is financing your budget..
Self-build mortgages
Finding a mortgage for self build can be difficult, because unlike the traditional mortgage where the loan is released on stages of the build this type of loan is released all at once.
Most self mortgages do not cover the whole cost of the self build home, this is why the option of building your own home could be not a possibility for those who aren't on the property ladder yet.
Also, self-build mortgages could be priced at a higher rate, this is due to their specialized nature.
Location
Of course this option largely depends on your preferences, things like proximity to work, proximity to essential services, schools, crime rate hospitals, supermarkets, all these should be considered. Usually, the more proximate the location is to those vital services the higher the cost of land is, but higher cost doesn't always mean better land.
If you live in the UK, check police.uk for crime rate.
This is a common mistake, land can be exceptionally overpriced and finding a good bargain on this part would significantly cut your budget.
Planning Permission
If you live in the UK you would need to visit your council's website for details.
Without planning permission you have no legal right to start construction and if you do your council has the right to order the destruction of any work you do at your own cost.
Don't even buy the land before consulting your council.
Purchase the Plot
The asking price for any plot is the starting point of the negotiations, offer a lower price as possible but remain reasonable.
You may also need to pay a stamp duty depending on the cost of your land.
Plan
There are plenty of user friendly online planning tools available, if you're thinking of a more complicated design you may need to consult an architect or a construction engineer. For planning tips and ideas follow the posts of this blog.
You may also want to consider a pre-fabricated house, this is a great option if you're willing to sacrifice a little on flexibility.
Build a Team of Builders
Once you are ready to find your building team and put your construction out to tender your work really starts. Use online reviews, ask people for recommendations, you'll see those guys a lot for a long time so make sure they're pleasant, skilled and fairly priced.
Get insurance
This is really important to avoid any liability in case of construction accidents, if you're supervising the construction make sure all health and safety measures are taken.
Never pay them in full at once, pay on stages to avoid being ripped off, builders are also prone to bargaining.
If you live in the UK like I do, you should reclaim your VAT, considering Self Built homes are exempt.
No comments:
Post a Comment