Which requires the least financial outlay: buying a home or building a home? Many people would, without hesitation, insist the latter – but it isn’t an entirely straightforward question to answer, depending as it does on a range of factors. This is why we’ve decided to launch an in-depth investigation into this complex subject and assess whether a self-build project really could be the most financially palatable option for you. But, even if it is, you should tread carefully…
There’s a lot of scope for customisation
Many of us have found ourselves in a situation where we have seen our dream property for sale, only for our hearts to sink when we look at the price and realise how far out of our reach it is. To an extent, self-building can seem like a convenient alternative route to getting our ideal property; after all, we can build it to specifications that meet even the more obscure of our needs, while we could also take the opportunity to put in other features that are not standard in every property, such as energy efficient heating. But couldn’t all of this set you back more than buying a ready-made house?
The answer, believe it or not, is “not necessarily”. Exactly because, with a self-build project, you have a lot of control over what the building looks like and what goes into it, you can forgo lots of features that we would never personally use, but could end up having to pay for anyway when buying an already constructed house. For example, you can be fussier about how many bedrooms and bathrooms the house has, while you can do without a large garden if that’s not high on your priority list. You could also keep each room relatively small, particularly if the building will have few occupants – though don’t go too far here!
Common cost-cutting benefits of self-building
In any case, a self-build project should still be approached and planned with caution; fail to do this, and the costs could spiral out of control, leaving you on the brink of financial ruin. After all, building your own home can take you months or even years, with even the most moderate project calling for hefty financial expenditure. Still, if you do keep all of this in mind and properly manage the whole project, the financial merits could be huge…
Indeed, most homes that are self-built in a well-managed way should reach a considerably higher value than the construction costs – meaning that, yes, constructing your ideal property can be much cheaper than buying it on the market. Furthermore, such luxury features as underfloor heating can be put in for far less money than doing so in an already made property would cost you. For an even better idea of how much you could save, you could source an accurate construction costs estimate by filling in the Estimate Form on our website. The experts here at My Build Estimate are thoroughly experienced in helping people to calculate the expense of building projects.