Are you a self-build novice?
We, at LSL Land & New Homes, understand the importance of owning your own home. However, with the growing demand for housing we also understand that it is not always easy to find your dream property. Many of us know the area we want to live in, however with house prices on the rise, sometimes we may have to look elsewhere.
The idea of building your own home may seem daunting however it makes sense, which is why many homebuilders are choosing self-build properties as their preferred choice.
Thanks to a relaxation in planning laws and local council incentives, the process of securing a self-build is becoming much easier. With more help available to homebuilders we look to answer some of the most common questions you may have regarding self-build start-ups.
What is the advantage of building you own home?
Put simply, you have the opportunity to design, and maybe help to build, your own bespoke home. Ultimately, self-build properties give you the control over who designs your project, who builds it and where you build it, meaning you can enjoy watching your dream home becoming a reality without conforming to the normal developer built homes.
Time and costs are just two of the factors influencing the decision, when choosing to self build. However tempting as it may seem, to choose sub-grade/poor quality materials or employ labour based on price, in the pursuit of cost saving, it can prove detrimental in terms of quality of workmanship and the final residual value of your home. The key to, properly, save on costs and time is project management. Establishing and adhering to a budget will help you manage costs. Simply setting up a trade account will help you save money, by ensuring you receive your materials free of VAT.
Finance & fees
There are broadly three ways you can look to finance your property, these include:
• Using your savings
• Selling your existing property to raise the finance
• Acquire a mortgage for your new self-build. You can usually borrow about 75% of the land cost and 60% of the build cost, but you will still need a sizable deposit.
If you are planning to build as part of a group you may be eligible for a government funded loan. To be eligible for the custom build serviced plot scheme there must be at least five homes being built together.
Do I need building experience to manage a self-build?
Many self-builders have no prior experience within the building trade and, although, ‘hands-on’ practical experience is not essential you will need to be involved with the practical project management. Therefore the most important attribute, in the planning and budget control of the project, is organisation.
How to find a plot
Finding a plot to build on can be very competitive, and understanding the different legal constraints involved in self-building can be exhausting. A common misconception for people who are looking to build a new home is that they have to source every aspect of their dream home, THIS IS NOT TRUE! Using a dedicated land resource team can help you with your build from start to finish.
Deciding on a self-build project may seem daunting; however it can lead to your dream home. If you would like to speak to one of our dedicated new homes team, who can provide you with the information you need, and the opportunities available in your local area then please contact us.