Is Self-Building Really Worth It?
Come on, weāve all done it. Switched onto a property programme and fallen into the daydream of building our very own house. A walk-in wardrobe, a home cinema, a room just for shoesā¦ sounds great, doesnāt it? But whatās the reality of a self-build project?
On the one hand, building your own home seems like a great way to get everything youāve ever wanted out of a property. On the other, are you really prepared for all that comes with building a house?
In this quick read, we look at why building your own property isnāt for the faint-hearted.
Red tape and admin
Letās say youāve found the perfect location ā just like buying a house, there will be lots of legal hoops to jump through (and pay for). Once thatās over, itāll be time to submit a planning application to the local council ā so youāll need professionally drawn plans from an architect. Youāll also need to consider whether thereās access to the property or if you need permission for this, too. If your site is in a secluded area, youāll also have to think about mains water, electricity and gas supply.
And donāt forget, youāll need to meet planning regulations for new-builds and organise building control to assess the site at various stages of construction.
If you thought the paperwork and costs of buying a normal property were onerous, then get ready to treble that with a self-build project.
Trusted team
Unless youāre a builder or architect yourself, youāll need a team of trusted professionals around you to build your home. And unless youāre going to project-manage the build, youāll need someone to keep on top of all the different aspects, from budget to deliveries to keeping to timescales.
Finding a build team who you work well with is one of the biggest hurdles self-build hopefuls often face.
Self-build mortgage
Your mortgage application for a self-build property may not be as straightforward as when purchasing a pre-built residence. Instead, you may need a self-build mortgage, which helps finance the purchase of the land and then the build. Instead of being released at completion, this mortgage is released in stages. Itās best to speak to a broker about the ins and outs of this type of lending.
Tip: You may also need to apply for self-build insurance to cover any issues that arise.
Budget
A self-build project isnāt going to be cheap. Itās essential you keep a firm grip on your budget throughout the purchase and construction process so you can afford to get it all done.
Is it worth it?
While shows like Grand Designs may have you dreaming of a self-built home, a renovation project could offer you the same freedom to design and extend without the headache of finding a plot and starting from scratch.
If youāre looking for a new home and want to revamp an old property, get in touch with our sales team at Allen Residential on 01761 412 300. We can help you find what youāre looking for.
