Research from the Building Societies Association found that 53% of people have the ambition to design and build their own home at some point during their lives – are you one of them?
When we think of self-build, the mind immediately turns to Grand Designs; a roll-call of ambitious designs, wildly risky restoration projects (who could forget the Tenby Lifeboat Station perched above the waves?) and forward-thinking eco-homes.
Grand Designs is a staple of British television, a guilty pleasure that we all know and love, yet unfortunately, entertaining as it is, it has done nothing for the image of self-build, helping to perpetuate the impression that building your own home is for the wealthy, the very clued-up, and the very brave (or deluded depending on the episode in question!).
In truth, self-build is within the grasp of vast swathes of the UK population, should they care to give it a try. The average self-build mortgage in 2012 was £180,000, illustrating the point.
Indeed, as the housing crisis continues to worsen, self-build, and the opportunities it offers, has been thrust into the spotlight.
With new build completions struggling to keep pace with demand throughout the country, the government has launched several initiatives to help to encourage self-build. The Self Build Housing Market Report 2016-2020 by AMA Research illustrates the comparative rates of self-build in countries such as Austria, Belgium, Italy and Sweden, where it accounts for 67-83 per cent of new private sector building. The UK government is keen to close the gap, suggesting that self-build could be an effective means to boost the number of new homes being built.
For those struggling to find their dream home, self-build could well be the answer.
While there are undoubtedly self-builders out there who are nurturing visions of eclectic homes, wildly different than anything we’ve seen before, most projects are much more, shall we say, expected.
The great thing about self-build is it’s designed by you, for you – the perfect space for your life and your needs, providing room for it to grow and evolve.
The majority of self-builders decide to build their own home not for aesthetic reasons – although it’s understandably important – but to provide the perfect space for themselves and their families, in a location that’s desirable. Whether providing more bedrooms or an open-plan living space to entertain guests, it offers the chance to design a home that comes without the compromises that so many of us make when choosing a home.
Along with complete control over the location and design, self-build will also be less expensive than simply buying an equivalent property – a fact most people don’t appreciate. And with a range of self-build mortgages and finance options available, it doesn’t require the vast cache of savings that we so often see being deployed on the likes of Grand Designs.
With several ways to finance your project, if the caravan on site isn’t for you, then that’s no problem.
It’s also worth noting that stamp duty is only payable on the purchase price of the land, not the home, while self-build is also exempt from the Community Infrastructure Levy (CIL).
With the help of MyPlot and our directory of consultants and experts, self-build has never been easier.
Building your own home could not only see a dream realised, but will be a solid investment for the future.