How to build your own home
We’ve all seen an episode of Grand Designs that’s made us dream of building our own
home. We’ve also probably all then watched as the project becomes over budget, over
time and absolutely overwhelming, causing us to quickly change our minds. But it
doesn’t all have to end in tears. We can’t help much with the actual building part, but we
do know a thing or two about getting going. Here is our guide to starting a self-build:
More and more people across the UK are dreaming of building their own home. In fact, recent research has revealed that one in three people would consider a self-build. And who could blame
them, the idea of designing and living in your dream home is definitely appealing.
If you fancy yourself the next Kevin McCloud, the first thing you need to do is find some land for your new home. You may be lucky and drive past a ‘for sale’ sign in the perfect location, for the perfect price that you can snap up right away. However, if the stars don’t quite align that way, you can sign up to the Right to Build Register.
The Register came into place after the government gave each individual the legal right to build or commission a home
in the area they want to live in. Once you’ve joined the register and your demand has been formally noted, the local planning authority has an obligation to satisfy the demand within three years. That means they have to provide planning permission for suitable serviced plots that people can build upon. A serviced plot is one that already has planning permission agreed and utilities, such as electricity, water, telecoms etc, brought to the land’s boundary.
Once you’ve picked your location you need to work out how you’re going to pay for the land and the build. This is where we come in. Although you can finance the project with savings or selling another property, there is a high chance you may need to borrow some money from the bank in the form of a loan or a mortgage. Luckily, there are specific mortgages designed for self build projects, which offer stage payments and cost-based lending to help reduce the chance of cash flow problems (aka running out of money before you’ve even finished the foundations).
Speak to your adviser today and they will find the best option for you and your dream house, meaning you can crack on with important details like what colour tiles you want in the bathroom.
If you’d like to discuss the options available to you, contact your adviser today.