Contributed Collaborative Post
Moving into your first home or progressing up the property ladder are both exciting events but come with several important decisions on your part. One which you may not have considered is whether you should build your own house or buy an existing property. Let’s take a look at the kind of things you need to consider.
Budgeting
One of the most difficult parts of a self-build is budgeting and the process is infamous for producing unexpected and spiralling costs. Whether this is caused by weather delays, lead times on materials or the sudden appearance of previously hidden problems, it’s undeniable that budgeting for a self-build is not for the faint-hearted.
Unlike buying an existing property, which has a set price, the building a house cost can fluctuate for a variety of reasons, many of which will be unforeseen. Having said that, a self-build can mean you have instant equity in the property, particularly if you already own the plot it’s built on.
Timescales
Like budgeting, the timescales for a self-build are often at the mercy of factors beyond your control. Hold-ups because of unexpected problems, planning permission delays or contractors who are over-stretched, can all add to the time it takes to complete your house build. However, a competent project manager can typically keep things on track or at least ensure that you are kept updated on progress.
The purchase of an existing property is usually done in three to four months, from the offer to moving-in day. In contrast, a self-build can take years from finding a suitable plot to putting a key in the door. If you’re in a hurry to move for work or family reasons then buying a house is the best option whereas if you have no pressing timescale a self-build is worth considering.
Stress Factors
There’s no denying that moving is one of life’s biggest stressors and whether you’re self-building or buying an existing house it will be a challenging time. However, unless you have a dedicated project manager for a self-build to coordinate the architect, structural engineer, contractor and local planning department, that task is going to fall to you and it will be stressful.
The house-buying process is also difficult. When you are relying on other parties such as estate agents, surveyors and solicitors to get everything organised it can feel like you are on the sidelines with no real influence. Nevertheless, you know that this process will only last a few months whereas a house build often feels like it has an open-ended completion date.
Customisation
With all of the negative aspects of a self-build ringing in your ears, you may think it’s something to be avoided rather than embraced. But there is a big ‘however’!
When you build your own home it is completely (within reason) up to you what your house looks like, how it’s laid out and what features to add to it. Unlike an existing property which is more or less ‘what you see is what you get’, a self-build can be customised to your taste, lifestyle and family needs. It can even be future-proofed with inbuilt technology and energy-saving features.
Of course, with an existing property, you can always reconfigure the internal layout or add to the footprint with an extension or conversion. But in general, you’ll be working with a predetermined structure that you can at best, modify to a degree.
This is a contributed collaborative post
