Where do you start with self build? Most people will think that this is a great idea, look at the overall concept and figure out that generally they would pay a third for the land, a third for the build cost and make a third on 'profit' or valuation. Simple, do that a few times and you've a house for free!
Well, I thought so. The reality is in fact that quite a few people do it, around 25,000 of us do this every year when housing market conditions are normal.
Most of us start with how would we do it? A while back, we'd have to have sold our houses to raise the deposit on the land. Then, live in a caravan whilst the work to the house was done. Generally, there'd be a loan to buy the materials and pay for the labour, and then when everything was built, then, you'd be able to get a mortgage on the whole project once the valuer approved and gave a figure on your new home. Well, guess what? Not many people did that. There were too many imponderables and whilst there were many die hard selfbuilders out there, it was financing the project financing the project
that was the nightmare. And as it was generally families that did this, many people just had this as a dream and went back to reality, paying for houses that did not suit them and that would take years to pay off.
However, one company has now solved all the issues. So sorting out the money as well as supplying a range of designs and having the know how to get the job done at the right price has now been solved at a stroke.
The National Self Build and Renovation Centre
provides a showcase for all products and it truly is a marvel: it's an interesting and informative day trip and as usual, it all starts with the money!
Return from Self Build to Self Build Mortgages