Cant Afford To Buy A House? Build Your Own

The average price of a house in the UK currently is thought to be just over £223,000. That’s a whopping figure that can seem unrealistic to many first time buyers. There is a cheaper solution to buying a home and that is to build one yourself. The average self-build costs £146,000 (those willing to do it all themselves may be able to build a home for £84,000).

Self-builds are becoming more popular as people are realise they can be cheaper, also giving you full customisation over the way you want to live. Those on a shoestring are even finding novel ways to build a home using shipping containers or wood. Here’s a look at some of the steps needed to build your own house.

Buying land

Buying land can be the most expensive part of the process. This can cost anything from fifty grand to two hundred grand depending on the location. There are many realtors and listing sites that specialise in selling land. Alternatively, you may be able to negotiate with a landowner such as a farmer to buy land off them and build your home. It’s worth hiring a land surveyor to check the quality of the land before buying it.

Getting planning permission

Not all land is legal to build on. You may be obstructing the views of others or building on preserved land. It’s worth contacting the council before buying a patch of land to get an understanding of the legalities and what is and isn’t allowed. You don’t want to build a home there, only for the council to later order it to be demolished.

Designing a cheap home

If you’re looking to save costs, make sure to shop around for everything. Architects and building contractors will all charge vastly different rates. You may be able to save money by sourcing your own materials such as metal supplies and glass. Get a thorough rundown of all the costs beforehand – you may be able to negotiate some of them individually or do without certain features altogether. A self-build can also give you the chance to think economically in the long run. Insulation could help you save money on heating, whilst you may be able to save money on electricity with strategic lighting and sustainable sources such as solar panels.

Taking out a mortgage

You can still get a mortgage for a self-build. This is known as a self-build mortgage and works much the same as a normal mortgage with a deposit and regular payments. Not all mortgage lenders will offer self-build mortgages so search around.

Starting construction

Construction of a house usually lasts an average of 7 months. If you’re building it yourself, it’s likely to take a lot longer. Make sure that you’ve got somewhere to stay for this period of time. If you’re selling an old property, decide whether to delay this until the new property is built or do it at the beginning of the process (it may depend on whether you have to pay upfront for your self-build, which is usually the case).