How to reap re­wards of DIY house build­ing

Macclesfield Express - - SPORT -

THE gov­ern­ment wants to in­crease the num­ber of peo­ple build­ing their own homes.

It first out­lined its in­ten­tion to in­tro­duce a new land re­lease scheme, dubbed the ‘Right to Build’, in its 2014 bud­get.

The ob­jec­tive was to boost the num­ber of self-build homes in the UK by giv­ing self-builders ac­cess to coun­cil-owned land, vi­able, ser­viced build­ing plots, to en­able and sim­plify the de­vel­op­ment process.

Pro­grammes like Grand De­signs have en­cour­aged the de­sire to build a dream home; but is it wise to take up DIY house­build­ing?

Well, build­ing your own home from scratch could work out sig­nif­i­cantly cheaper than buy­ing one ready-made. A lack of sup­ply of houses has helped to drive up prop­erty prices to record lev­els. Not only are we pay­ing more, we’re also get­ting less for homes ready built.

Ac­cord­ing to self-build mort­gage bro­ker Build­store, a home built from scratch is typ­i­cally worth 25 to 30 per cent more than it costs to build. Self-builders also save on stamp duty, which is paid on the trans­ac­tion of the land.

On top of this, the gov­ern­ment is de­ter­mined to make it eas­ier to plough through the bu­reau­cracy and red tape, al­ready re­duc­ing hun­dreds of pages re­quired for plan­ning con­sent down to about 50.

Build It Live ex­pert and self-build con­sul­tant Mike Hard­wick agrees that build­ing your own home could be the most fi­nan­cially savvy de­ci­sion you ever make, as long as you are ‘keep­ing a tight rein on your purse strings as they make a des­per­ate bid for free­dom.’

He said: “My ad­vice for set­ting your ini­tial bud­get is to start by speak­ing to a spe­cial­ist self-build mort­gage bro­ker.

“Find out how much you can bor­row, add this to what you have in sav­ings and then in­clude any eq­uity you’ve ac­crued in ex­ist­ing prop­erty.

“Sub­tract the land cost from this to­tal then hive off a rea­son­able sum to ac­count for ser­vice con­nec­tions and sur­veys.

“The amount that re­mains is what you have to cover the build­ing work.”

Mike warns that it is tempt­ing to splash out on de­signer kitchens and bath­rooms, but states these can all be up­graded fur­ther down the line when your fi­nances have re­cov­ered. Pri­ori­tise where the qual­ity is ini­tially needed on win­dows, doors, roof tiles and ex­te­rior fin­ishes.

Find out more about self-build and home ren­o­va­tions at Build It Live on Fe­bru­ary 18 and 19 at Even­tCity, Manch­ester.

Tick­ets from www.

Dar­ren Find­low and An­thony Higham built their dream con­tem­po­rary oak frame home near Holmes Chapel, Cheshire, in the sum­mer of 2014. It took ap­prox­i­mately 32 weeks to build.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.