Never been a better time to self-build! - Mortgage Squared

self-build

Self-build’s are on the rise.

When a self-build is on the cards it can be a very exciting prospect to all involved.

There are currently thousands of people taking the plunge and building their own homes. There isn’t a specific demographic to these self-builds. Families wanting more space, young couples keen to get onto the housing ladder, downsizing when they retire or avid self-builders that want a project.

Whatever their motivation for self-build is, they know that it is an amazing way to create a property that is built with their needs in mind.

So, exactly why is self-build such a good idea?

Complete control of the self-build

One of the biggest attracting factors is that you have complete control of what goes where. It is all down to your choice and not having to deal with what someone else has chosen.

When you look down a typical road in the UK you will usually see a row of houses that all look the same. This isn’t to bash developer-built houses. They have met building regs and people are clearly always happy to buy them, but they are often a disappointment when it comes to seeing past what’s there.

One of the biggest attractions to the world of self-building is that it gives you full reign to create the house of your dreams. It can fit around your lifestyle and adapt to any changes within your circumstances for the future. If you are needing more space for a new arrival or maybe you want a more echo friendly lifetime home, self-building could be for you.

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Bottom line is, a self-build can give you complete control over who designs it, how it is designed, what materials are used, and you can put it anywhere (within reason). It is much more exciting than relying on ‘already made’ options. You can look into how best to use the plot you have brought, how you can achieve the ultimate comfort factor and energy efficiency. Most self-builders will create a house that reflects their core values and way of life which is priceless.

Holding the cash reigns

We have all been knocked off our feet by Grand Designs at some point in our lives. This is a bit of mythical beast when it comes to self-build. There are many more houses that are designed and built by normal, average people than the bigger more grandiose ones.

Stamp Duty can be relatively small because it is only due on the value of the land. You buy a plot priced under the current Stamp Duty threshold (which changes in March) then you won’t pay any stamp duty. Just to be clear here, this will be regardless of the market value of the completed house.

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Building your dream self-build from scratch will also save you on VAT.  Always make sure this isn’t on the contractor’s invoices. There is no way of getting this back. You could be looking at a good amount of savings through this.

You are in control of the whole spend and where you can save. If you are good at researching the best low-price kitchen cabinets and appliances you can save in other areas of the house.

However, if money is no issue it is always amazing to have a blank canvass to use all the new smart tech and home automation ideas.

Do you get involved, or not! 

Self-building has qualities for anyone that is interested especially those that have their own skills to add to the mix. Most self-builders appoint themselves as project manager and delegate the skilled work and labor. You can also step away from the building work completely and delegate the whole thing.

Whatever way you decide to do this there are some things that you will have get involved with. The main thing would be finding a plot where you want to build the property. Then you would need to secure finance and setting your budget. You will need to know these things before you can start looking into all the other bits to organise. Designing, getting planning permission and sourcing trades to build a home that meets building regulations. The last thing you need to decide whether you will be project managing yourself, letting the designer take over or employing a specialist.

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Can I really build a self-build?

Some people tackle with the idea of whether they can actually go through with building their own home. Whatever way you decide to do this go into the project with an open mind. Be aware of spending over budget, researching the best price for materials and keeping on top of the stress factors that can be involved.

More and more people are looking into self-builds because they are not as out of reach as people have been led to believe. Hundreds of standard homes are being built that evolve beautifully into fantastic family homes.

Good luck with your building adventure from the Mortgage Squared Team.

If you are thinking about building your own home and want some advice on the mortgage side of things, then please get in touch with our specialist advisors on 08081 551 807.

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