Building your own home might seem like a far-fetched fantasy, but in fact in most cases it can be far more profitable than buying a property. A property that might sell for 220k could be self-built for 140k, allowing room for a tidy profit if you do choose to sell (although the opportunity to build your own house to your image might never want to make you let go). Building your own property is also much simpler than you’d think. For those interested, here is a useful guide.
Gathering the funds
Few people are likely to have the money upfront. Fortunately, there are self-build mortgages available to deal with this. Deposits are generally over 5.5% and are very competitive. Of course, building your own house does come with certain perks. You can design a house to be as energy efficient as possible, so that when you go to live in it, you hardly need to pay anything for energy bills.
Buying the land
Within the cost of building a house, most of the budget will go towards buying the land (if you already have the land, you’re onto a winner!). Buying raw land can be fairly complex – so it’s best hiring a lawyer to guide you through the process. You should check for environmental restrictions, access to utilities and distance to nearby roads before committing. There are many sellers online – always arrange a visit to the plot of land and ensure you get any answers to any queries you may have.
Getting planning permission
The seller should be able to tell you if the land is buildable or not before you buy. That said, the local planning council may still hold the right to deny specific constructions. Applying for planning permission is a similarly complex route so ensure that you still have your lawyer to help you.
Designing your home
Once you have permission to build, you can get designing. Unless you’re an architect yourself, you will need to hire someone to do the designing. You can still detail the criteria you want – just know that some of it may not be feasible due to your budget or due to legal restrictions. You should choose your architect based on your budget. Some architects such as luxury residential architect Playoust Churcher may be more suitable if you have a lot of money to play with. There are meanwhile lots of specialists such as container home converters that may be more suited for a low-end budget.
Starting your build
The building process can involve a lot of different people from insurers, surveyors, Building Control inspectors and of course the labourers themselves. It’s good to keep heavily involved in the construction all the way through the process, so that if any last minute adjustments need to be made you can be there to make the decision. It takes on average 7 months to build a single family house.