Upping sticks and buying your dream home isn’t what it used to be. Back in the good old days, before the banks went bust and property prices went south, the housing ladder was a one-way affair. The only way was up.
These days, it’s anything but. There are fewer buyers, fewer homes on the market — and there’s rather less money to borrow. Securing your ideal house has rarely been harder.
There is a solution. Why not go it alone and build your own instead? Yes, it can be hard work, but it may be the best way to get the home you want, where you want it — for a fraction of the cost.
To build or not to build: You could create your dream home and save money if you can handle the associated hassle
If you dare to take the plunge, you won’t be alone. According to research from Homebuilding and Renovating, homebuilding.co.uk, 13,860 self-build homes went up in Britain in the year ending March 31.A new BBC series, To Build Or Not To Build, charts the fortunes of a few of those who have rolled up their sleeves and are doing it themselves — from someone who is building their next move on a shoestring, to a couple who are splashing out more than £1 million on an opulent des res.
But if you are tempted to give it a try, where do you begin? According to Simon O’Brien, presenter of To Build Or Not To Build, the foundation of any successful self-build project is homework. For an overview of building your own home, start with the government’s Directgov website, direct.gov.uk. Specialist self-build publications, such as Build It & Home Improvement, self-build.co.uk, may also be useful.
Either way, the first thing to consider is your budget. Self-build mortgages are available from some 30 banks and building societies and may be offered to cover up to 80 per cent of the cost of a plot and 95 per cent of the cost of the building. Once you have established how much there is in your pot, you can then start looking for a plot.
Finding the right plot takes time. And even the ideal location may have hidden problems — leading to yet more costs. ‘The one pitfall most self-builders overlook is that digging holes costs serious money,’ warns O’Brien.
‘Most underestimate the costs of levelling an uneven site — and you never know what’s underground. Old air-raid shelters and power lines could trip you up, for example.’
The National House Building Council, nhbc.co.uk, recommends that you buy a plot with outline planning permission. They also suggest that you have it appraised — no one wants to build on top of a disused mine or a rubbish tip. When it comes to the building itself, some self-build homes can be constructed from kits, but consulting a good architect is a must (the Royal Institute of British Architects has a list at architecture.com).
‘Find out what your architect, project manager or builder has done before, then knock on the door of their previous builds and ask if they were reliable and trustworthy,’ suggests O’Brien.
Remember when you price the project that many self-build projects end up costing more than expected (always budget for a 15 per cent contingency fund). You will, of course, need planning permission. For more information on how to make an application, visit planningportal. gov.uk. With that secured, you can finally start the real graft.
But self-build is not an easy option. Doing it yourself has huge advantages and offers substantial savings — but it comes at a price.
‘You have to ask yourself if you are prepared to write off two years of your life, not see your friends and family, lose time with your children and become a one-subject bore,’ says O’Brien.
Then again, no one ever said that building a dream would be easy.
To Build Or Not To Build is on BBC One Daytime, Monday, 11am. The Homebuilding & Renovating Show Harrogate (homebuilding show.co.uk) is at the Harrogate International Centre, November 4-6.
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