Thinking About Building Instead Of Buying?
In today’s climate, many people are struggling to buy a house, nevermind their dream home, the one they really want and the one they want to stay in for the rest of their lives. But if you have the time and you have the money, then perhaps building your own house is a possibility. If you’ve not thought about it before, then there are a number of benefits to building your own home. These include getting the exact amount of bedrooms and dimensions of the rooms that you want, choosing everything from the shape of the property to the floor plan and including all the green and eco-friendly features you want to, to name a few. As well as getting exactly what you want, most self builds should also be worth considerably more than they cost to build meaning that you get your dream home for a fraction of the market price.
So, what do you need to do?
Work Out Your Budget
Start off with researching; you need to know how much the land will cost, the architect fees, builders fees, cost of materials, fixtures, fittings, and everything else you will need when you build a property from scratch. Do you know what materials you want to build with and how much they will cost? Speak to a residential architect to find out your options. Then you need to think about if you are you able to cope with such a huge financial commitment? And will you be able to afford to pay alternative rent or mortgage for somewhere to live while this house is being built?
Get A Self-Build Mortgage
Next, you need to get yourself a self-build mortgage; now these are usually priced slightly higher than standard mortgages so you will need a decent deposit upfront before any lender will be willing to offer one. However, they are specifically designed for anyone looking to build their own home, and they usually release the money in stages, allowing you to pay for the land, and materials as your build progresses.
Choose Your Location
Location is one of the most important things when it comes to moving house, but it is even more so when you’re looking to build your own. Your starting point should be to speak to estate agents, look at property websites, and check land auctions. You should also check whether any land developers, local farmers, or utility companies have any undeveloped land in the area and find out if they are open to offers. If you have a limited budget and looking for affordable land, you need to keep in mind that in particular States land is cheaper. For example, you may consider buying land in Tennessee, West Virginia or Arizona. Then like with any house you need to consider how you will get to and from work, is there useful links to public transport, local schools, and amenities?
Get planning permission
You need to get planning permission before you start anything; otherwise, you will be breaking the law and then might have to knock your house down after all your hard work. Don’t buy or sign anything until you have this and make sure you have covered all the legal aspects that you need to.