Self Build Cost

Self Build Cost A self build project includes many aspects and many phases. Regardless, for any of the self build to happen, you have to first understand and agree on cost. This means having a good understanding of the overall cost, learning about self build mortgage options, financial protection, and ways of getting the most out of your money. First, the cost to self build has many different factors attached. Obviously, if you were building a large, fancy home, you would pay more than for a smaller, simpler home. Therefore, the overall cost will depend on size.

Self build cost will also depend on the type of materials used. If you were to choose inexpensive materials then you would pay less than if you went all out on materials. Keep in mind that working with a home designer is a great way to look at all your options. However, building and labour come down to personal preference. Take tiles as a prime example. If you want handmade clay tiles, then the price is going to be greater than pan tiles. Again, a good designer and builder can guide you to the best materials as well as alternatives.

The cost of the land is a huge consideration when it comes to self build. In the UK, land prices have skyrocketed in many of the prime locations, meaning you pay a substantial amount of money. To get started, you will need to contact an estate or land agent to help you locate land in the area where you want to build. Just remember that about 35% of your budget will be for the land alone. Therefore, while you might have your heart set on one development location, you might keep your options open. For instance, Greenfield sites are prime sites but we now see many Brownfield sites being cleaned up and converted for building so this is an option.

Another aspect of self build cost is the fees involved for professional services. Keep in mind that before any building starts, material purchased, or contracts signed, you want to make sure you understand all the detail of the planning permission along with building requirements. However, you will need to have full plans created by an architect to go through this phase. Then, when the plans are presented, you would be responsible for a statuary fee that goes to the council. In addition, there is the fee for the building application. While not overly large, these aspects should be considered when thinking about funding.

Now, typically, 75% of all people who choose to self build will need to sell an existing home prior to building the new home. This means during the building phase, a rental home, apartment, mobile home, or hotel would need to be paid for until the new home is complete. As you can imagine, this can be expensive. Then, you need to think about your current home's furniture and furnishings. Again, during the building of the new home, these personal belongings would need to be stored, which cost money.

Make sure you purchase self build insurance. While an added expensive, this will cover you should something happen to materials, equipment, the home, or people during the building. Next, you have construction costs, which are needed to get your new home connected to things such as gas, electric, water, phone, roadways, drainage, and so on. What you will find as you begin to look at various mortgage options is that many will build in a contingency, which means 10% of your budget should be set aside for things unexpected, which happen. With carefully planning and keeping your options open, you can have an amazing self build home that fits perfectly into your budget.

- James M

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