In the modern housing market, a lot of people can end up feeling as though buying their own house simply isn’t a viable option. Whether it’s because they don’t have the money for a deposit, or because they don’t have the credit for a mortgage, it can often feel like buying a home has gone from an expectation to a fantasy. However, there are plenty of people who are looking to other options in order to get their foot on the property ladder, or even just to find themselves a forever home. And one of the best, and most popular options that many people are taking is to go ahead and build their home themselves. If that’s something that you’re considering, then here are just a few things that you need to think about carefully.
Where you’re building
One of the great things about building your own home is that you’re not constrained in terms of location in the same way that you might be if you were buying one. Sure, there are some limits to where you can legally build your home, but if you can find the land that you need, then you’re able to have far more freedom than you would otherwise. However, you need to think carefully about the kind of place where you’re building your house. Looking at things like https://www.promap.co.uk/maps-and-data/flood-data can help you figure out if you’re looking in the right area or if your home is doomed to end up four feet underwater. Don’t forget that where you build your home is just as important as the home itself.
If you’re planning on building your own home, then there’s a chance that you’ve at least got some degree of capital available or at the very least access to a loan. However, you need to be careful because if you don’t keep a very close eye on them, the cost associated with building a house can potentially snowball until you end up in a seriously risky financial position. Make sure that you’re budgeting for emergencies from the start and keeping clear financial records over the entire build.
One major disadvantage when building a home is that you may well end up not being able to live in it for a seriously long time. Because of that, you need somewhere to live which will also need to be budgeted for. All of these factors will be hugely impacted by how long the build is actually going to take. Make sure that you set a realistic timeframe because if you try to come up with something too ambitious, then you’re going to end up in a nasty position if things go wrong along the way.
Of course, you might be thinking that building your own home is far more difficult and expensive than simply buying one. And sure, there are a lot of things about building a house that are more complicated than buying one, and trying to move into an existing house can be complicated enough! However, the truth is, if you’re careful and smart about it, building a house can offer you the kind of totally unique and personalised home that you’d never be able to get from any other property.