If you always find yourself being incredibly picky when looking for a new home, you might have stopped to consider whether building your home would be wiser than buying it. You probably won’t be surprised to learn that, yes, it is tougher than buying an already made home – but you shouldn’t necessarily let that put you off. In this article, we look closely at what steps you could consider in order to actually build the residence of your dreams.
There are many different ways of self-building
First, think about how much involvement you would like to have in the house-building process. You might feel reassured when we tell you that you don’t strictly need to take on every last one of the responsibilities yourself. However, managing the complete design and construction process is an option, if you fancy it. Alternatively, you could partner with a contractor or developer. The construction of your dream home could even be a project that involves the wider local community.
Each of the different options has trade-offs; however, as a general rule, the more hands-on you are with the home-building process, the more time you will have to personally put into it. This could significantly help you in choosing which option to go for – and, to make that decision-making easier, here’s a link to the government-launched The Self Build Portal website, which goes into more detail about the options open to you. We urge you to read these details carefully.
Don’t lose the plot – find it!
Before you can even go ahead with a self-build project, however, you need to know where it would be built. Finding a plot of land for your dream home can be much easier said than done; it will require not only planning permission, but also consideration of rules and regulations that will limit what can and can’t be constructed as part of your house. In your search for a plot of land, you could get in touch with auction houses, estate agents, architects or the local planning office.
What is a self-build mortgage?
If you don’t have lots of money saved up and ready for spending on your self-build project, you might have to take out a self-build mortgage. You will have to look around carefully for one of these, as it’s a niche market. Once you’ve been granted a self-build mortgage, however, the money will be released not as a lump sum, but instead in stages – thus helping you to avoid running out of cash mid-build.
Don’t get lost when judging the cost
Lloyds Banking Group has cited the total cost – including land costs – of the average self-build project as £255,543. There are other, indirect costs of building your own home; these include the costs of building insurance and getting somewhere else to live while your dream home is under construction. However, to keep things simple, you can start by assessing the direct costs – and that can be easier when you ask us to supply an accurate estimate for those costs.