How Can I Get Value for Money on My New Self-Build Home?
It’s all too easy to underestimate the cost of a self-build home. Most people don’t have much experience when they first get started, and construction projects are well-known for their unpredictability. While it might be a challenge, though, it certainly isn’t impossible to get value for money on a self-build home.
How Much Does it Cost to Build Your Own Home?
Before you can start to look at ways to make your home for better value, it’s good to have an understanding of what the whole thing will cost. The price you pay for your self-built home will vary depending on a range of factors; the size of the property, the location of the land, and the quality of the property you build will all contribute to the deciding cost of your project.
For an average four-bedroom house at 140m2 that has been built to average quality, you would be looking at spending at least £210,000 throughout much of the UK. A home at 300m2 built to the same standards would cost around £300,000, illustrating the influence size and quality can have on the price of a self-build home.
What Will You be Paying For?
You will have to pay for a number of different things when you’re building your own home, and these have been listed below.
The building materials
Construction and labour
Planning permission and other legal fees
Saving Money on a Self-Build Home
Saving money on your self-build home and making it better value is easier than you might expect. With the variables you have available to manipulate, it’s often possible to find a solution that limits the compromises you have to make, while keeping the costs down as much as possible. Of course, though, you will have to decide how far you’d like to go with this.
The Right Floorplan
Building a house with a larger footprint will always increase the cost of land while adding additional storeys will increase your construction fees. Building a simple home like a bungalow or two-storey house can be a good way to ensure that you’re not overspending because of your floorplan. Plus, you can always make more than one floorplan to compare prices.
The Right Location
Land values vary wildly from place to place with land in the centre of a town or city often costing a lot more than what you will find on the outskirts or in the countryside and this makes it worthwhile shopping around when choosing land, looking for areas that will make your money go further.
Professional Construction vs. DIY
DIY can often be cheaper than paying a construction contractor to help you, though you have to be careful with this. Making mistakes because you don’t have the right skills can end up being very costly, and there are jobs that the law will prevent you from doing by yourself. This means that it can often be a better value to go with the professionals.
The materials you buy for your self-build home construction project present an excellent opportunity to squeeze some added value out of the whole project. Second-hand materials can be much cheaper than new ones, but you can also make big savings by simply shopping around online. Plus, building a new home is zero VAT rated meaning that you can claim back most (if not all) VAT on the labour and materials.
Building your own home is a great way to stamp your personality on every aspect of a property. The process will be challenging and there may be times when you wonder why you are doing it, but it will be worth every effort. After all, not everyone can say that they’ve built their own home!
The Onus Falls On You
Typically, people who build sustainable homes from scratch live in their properties longer than those who invest in a piece of existing real estate. The average self-build is home to the original owners for ten years, which is three to four years longer than usual. Although this means that the onus of repairs falls on you, which in this instance is a positive because in essence, you already know that your home is of a higher quality and will last longer, so there shouldn’t be any nasty surprises.
With a non-sustainable property that is poorly built and isn’t in line with building regulations, you’re bound to be hit by repairs that are expensive and stressful.
Your Children Will Benefit
Building a house that lasts a lifetime isn’t as challenging as it sounds when you consider a fifty-year period is a lifetime for lots of people on the property ladder. What you want is a house that goes beyond that as it will set up your children and grandchildren for centuries to come. Not only because they will have a quality home, unlike so many others, but also since it won’t waste materials and release unnecessary CO2 into the atmosphere.
After all, eco-friendly properties will allow your loved ones to inherit a planet, as well as a well-built house.