Once you’ve decided that you want to move to a new home, one choice you might have to make is whether to buy an existing house or build your own from scratch.
While the final decision will depend on your personal preferences, your financial situation and the logistics involved, there are several great incentives for building your own home.
Here are a few of the top reasons to consider when making your decision.
1. You can guarantee quality
The old adage ‘If you want something done well, then do it yourself’ holds true when it comes to building your own house. Nobody will provide more care and attend more fully to your unique needs, requirements and standards than you.
By doing it yourself, you can truly ‘have it your way’. You can customise or personalise the details of the home to suit your personal lifestyle, needs and wants – including the site layout, building materials, floor plans, lighting, decorations and fittings among many other things.
In a nutshell, you can control the quality of the house and emphasise the elements that are most important to you.
2. You can save money
According to Home Building and Renovating, building your own house can save you up to 30% on the market value.
For example, if you have sufficient confidence and skills, as well as enough free time to commit to some of the labour-intensive work yourself, you can significantly reduce your build costs.
You can also plan to make savings year on year after you’ve completed the project and moved in. You can add the latest home technology or sustainability measures when designing your home. This means you can make significant savings on energy bills.
You can use these savings to finance better quality materials. Or you could invest the money. Right now, there is great potential to grow your savings in a stocks and shares ISA because of a share market decline.
3. You can maximise your home’s value
The value of your house will be boosted by the very fact that you’ve made the choice to build it yourself.
Buyers are increasingly becoming aware of self-build homes and are recognising that these homes usually benefit from having a higher specification than others on the market.
Self-build homes tend to be constructed more carefully, with better materials and, perhaps most importantly, with attention to detail. Such homes are sought after, which usually results in a higher value.
4. You’ll get personal satisfaction
Imagine the delight in being in full control the environment that you and your family will live in. To have the rooms and space you want, a landscaped garden that meets your needs.
The completion of your project and the culmination of all your hard work will undoubtedly bring deep and long-lasting satisfaction.
The cons of building your own house
You’ll probably have to wait longer to move into a self-build home. There might also be some unexpected costs and build costs could quickly spiral out of control if not managed carefully.
Additionally, you’ll have to make a vast number of decisions yourself, while trying to stay within your budget. Things can quickly and easily become overwhelming.
Therefore, once you decide to build your own house, be careful not to underestimate the mental stamina that you’ll need to see the project through to completion.
Coronavirus and people’s perception of building their own houses
The coronavirus pandemic has affected almost every aspect of our lives. This includes even the perception of what we want from our homes.
According to research by the National Custom and Self Build Association and the Building Societies Association, nearly a half (48%) of Brits say that they need more space because of the lockdown. In addition, 39% say they now need a home workspace due to the pandemic.
It’s therefore no surprise that nearly a third of people are interested in designing and building their own home from scratch in the future. In fact, 5% have already considered designing and building their own houses in response to the pandemic.
There’s no doubt that building your own house from scratch is a significant personal and financial move. There might be a few obstacles to overcome and compromises to make along the way. However, these all pale into insignificance once the job is done. You can then enjoy your new house and the contentment that comes with a dream fulfilled.
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