Investing in building your own home? What you need to consider

Designing, planning and building your own home is a unique opportunity to tailor your home to meet your specific needs. Despite sounding like an option that is completely out of reach, self-build houses are becoming increasingly more accessible.

Thanks to the self-build options becoming readily available that suit the needs of every budget, as well as those for who might have less time to sink into exploring the possibility of building their own home. With schemes such as ‘Right To Build’, the opportunity to create your dream home is becoming a reality for many individuals.

building your own homeGoing down the route of a self-build means that you have the chance to design and create a space that works for you and your needs. You can avoid the compromises often made when searching for an existing property. With a self-build, there is also the financial incentive that your project could potentially make as much as 25% profit on your initial investment.

The overall cost of a self-built house will vary depending on numerous factors; these include:

  • The location of the plot of land will depend on where in the country it is. Some regions and towns will have higher labour costs and land prices, whereas others might be considerably lower in comparison. The size of the property
  • The size of the property that was completed will impact the overall costs. Understandably, the bigger the house is set to be, the more it will cost to build. Although, through careful designing, you could achieve some economies of scale.
  • Desired specifications can also influence the costs of the build. If you wanted to go with premium or non-standard products to be used in the build of your house, then you have to anticipate that the costs for building the property will rise considerably.
  • The plan, shape and layout of the property will also alter the final costs. The simplest and most cost-effective floorplan that you can use is a square. However, if you wanted a layout that had certain intricate details, the cost to make this happen will also increase.

If you are looking to move ahead with investing in building your dream home, these are a few areas that you will want to consider before you begin this exciting process.

How to finance the build

Before you can begin the process of looking for a plot of land to buy to build your dream home on, it is important to know how you are going to finance your self-build home. Whilst you might not need to have millions in your bank account, there are various options to consider that will help you to financially fund this unique project. With many guides available on ways to finance your self-build home, you can find a solution that will suit you and your budget perfectly, enabling you to build your dream home without causing yourself financial instability.

Finding the right spot

With your finances in order and an idea about what the end goal will look like, finding land to build your dream home is the next task. There is specialist plot finding services that you can use, which can prove to be incredibly beneficial when you are looking to find land. However, just like you would with buying a home, it is best to be proactive and not limit your search to just online.

Learn more about the local area you want to live in. Drive around or use online maps to help you look for homes that are located on large plots that have either a large side garden or infill land. Take the time to contact experts. Many will hold lists about plots that are available.

In addition to this, go and visit a local auction. Many opportunities are frequently sold through auctions. As such, it could be worth your time to find out more about the key agents that are in your local area. Lastly, have a look at the local authority’s website, to see if there have been any recent applications. In some cases, you will find that there are details of the owner or the agent included. There is nothing to stop you from contacting them directly to ask for some advice or insight into how long they have been searching for a plot of land.

The chances of your dream plot effortlessly falling into your lap are extremely rare. This is why you must be proactive and savvy to ensure that you secure one that matches your needs.

Consider the surrounding areas

When building a house on a plot of land, the surrounding environment will undoubtedly be affected. If the surrounding area is close to trees, then you will want to invest in a tree survey. This is to check that the trees that will be close to the property do not present a hazard to health and safety. Having a tree survey is an easy task to complete, as you can ask a local consultancy like Arbtech to visit the site to survey the nearby trees. With the information collected in these surveys, you can use them to make informed decisions about what to do with the surrounding trees based on the facts you have about them.

Check for planning permission

It is worth checking before you get underway with building that the land your dream home is being built on has planning permission. Some plots of land come with planning permission for self-build. Others will either have to apply for planning permission either before or after the land has been purchased.

If you have to send an application for planning permission, it is important to submit one that has taken into consideration all factors and even potential risks. For instance, showing that you have had a tree survey completed by a professional to check the surrounding trees. Creating a solid application will help with increasing your chances of approval.

Checking to see if there is planning permission for the area before you begin will save you time and money in the future. Without planning permission, you could run the risk of finding yourself in the middle of costly legal battles with the local authority.

Building your own house is a unique and exciting journey for anyone to take. The result is your dream home that has been carefully designed to match your needs perfectly. Whilst the journey to achieving it might be challenging at times, it can be worthwhile in the end.