Building your own home, instead of buying it, can have many advantages - ranging from the financial to the lifestyle benefits. In this article we outline just 5 of these reasons to build your own home.
Sometimes it can be better to create your own dream home, as opposed to buying it.
Property programmes on television have shown us the trials and tribulations of building from scratch, along with the massive highs which come when the project reaches completion, but they don’t always show why people have chosen to build their own homes in the first place.
This is a shame, as the benefits of self-building can be tremendous. So, to help raise awareness of these benefits, we’ve outlined just five of the reasons why building your own home can be a great idea!
The data shows that you can build your own home for up to 30% less than the same property would cost if bought pre-built on the open market.
Further savings can be made due to stamp duty being charged on the cost of the land, rather than the value of the finished home. You can also reclaim the VAT paid on the labour and material costs.
Newer systems and materials can be integrated into self-build homes right from the start, which can result in greater efficiency and lower running costs.
Additionally, installing luxuries such as underfloor heating into existing homes can be expensive and troublesome, but building them into a self-built property is a much cheaper and easier process.
If you budget correctly, your finished self-build house could be worth around 20% more than its combined land and build cost, while buyers will often pay a premium for ‘one-off’ homes, meaning you can typically enjoy a 25% profit on your investment.
In desirable areas, any new homes on the market will be snapped up quickly. This means if you have your heart set on a specific house, you could have a fight on your hands to make it yours!
In contrast, by building a home for yourself you’re ensuring that you’ll be the end buyer.
By creating your own home from the ground up, you can make sure everything is built to your exact specifications.
Whatever your choice of décor, and whatever your preferences for the fixtures and fittings, you can design your new home to look exactly how you want.
Further Reading:
https://www.homebuilding.co.uk/advice/self-build
https://www.daveramsey.com/blog/building-a-house
https://www.flickr.com/photos/multimediatech/19636174774
https://www.money.co.uk/guides/how-to-build-your-own-house.htm
https://www.granddesignsmagazine.com/self-builds/339-why-custom-build-your-own-home
https://www.which.co.uk/money/mortgages-and-property/new-build-homes/building-your-own-house-akr431z0pvxm
Written by Property Projects Consultants
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