Looking at developing and building your own home is a big step and can be the most rewarding way of doing it as you’ll be able to look back at the finished product and say, in a way more than for a purchased house, that is really our home! This simple guide will tell you everything you need to know to plan this project.
Cost & Budget
How much are you looking to spend and how are you going to finance it? This is a key question to consider as it’ll affect everything else. You might want to consider a self-build mortgage which will be designed for this purpose but is a bit different as it will usually mean funds will be released as you reach different stages of the construction.
You’ll also want to consider where you will live during construction and how much that will costs as unless you are fortunate enough to have the funds available you may need to sell your current home before the build is complete!
Where do you want to build? Location can affect your budget greatly as land is vastly different in price wherever you go and even planning laws and taxes can differ. It’s a good idea to research this thoroughly and check what’s out there and a good of doing this is checking the area you are looking to build in for suitable developments. Once you start this you can see what portion of your budget will be taken up by land and this leaves you in a better position to plan what type of property you can build.
Design & Build
This is where we get on to the exciting part but also the bit where you need to be most careful about what you want and to get it right. It’s essential to get the right team on board from the start as getting this wrong can be a way of letting your costs spiral out of control, it might seem like a good idea to project manage the whole thing yourself but do you really know what you’re doing? If not it might be a wise investment to have someone else take of that for you.
Essential Amenities, Gas, Electric, Water, Access
An often overlooked part of the self build process is to get the essential amenities connected as this can vary in cost depending on location. If you are in the middle of the town it might not be too bad but if you are rural you could be a lot further from a connection and pipes and cables are expensive to be installed over long distances.
Moving: Practical Things To Consider
Once everything is done and dusted and the property is ready, don’t forget you still have the headache of moving in to contend with, but it doesn’t need to be that way, with a bit of thought this can go smoothly and you will be in your brand new dream home.