Why do a Self Build?
For most of us, our homes are our single largest lifetime expense, so why not aspire to have exactly what you want? Here’s our top five reasons why you should self-build:
1. A unique home
Building from scratch will give you a bespoke, high quality home tailored to your individual requirements, rather than a generic developer-built property designed to appeal to a mass audience. It’s for the same reason that it’s likely to be easier to recoup more of your investment when you come to sell. When you build your own home, you’re starting with a blank canvas and can settle on a floor plan to suit your needs, as well as fixtures and fittings to match your tastes and budget. You can also incorporate additional green features, minimising its carbon footprint and reducing your energy bills.
2. More for your money
It’s a cost-effective route to owning your own home. According to the National Custom and Self Build Association (NaCSBA), self-builders can save up to 30% on the market value of buying an existing house.
Labour costs on new builds are zero rated for VAT. Moreover, you can reclaim VAT on a number of building materials post-completion. If you’re extending or renovating your home, you’ll pay VAT at 20% on everything.
4. Stamp duty
You only pay stamp duty on the value of the land rather than the property. If you buy a plot for less than the current £125,000 threshold, you won’t pay any stamp duty, regardless of the market value of the finished house. Beyond the threshold, the cost increases incrementally. For example, if you buy a property for £600,000, you’ll pay £20,000 in stamp duty.
5. Sense of achievement
Building your own home entails sacrifice and hard slog, and most self-builders end up renting accommodation or even living in a caravan on site throughout the construction period. It can be exhausting, daunting, risky and challenging. But, it’s also likely to be one of the most rewarding things you ever do. The confidence you gain may even encourage you to repeat the experience.
So what are the stumbling blocks? Issues with finding a suitable plot, securing finance, a lack of consumer confidence due to economic uncertainty, planning restrictions and red tape are enough to dissuade many of us.
You need patience, certainly. Finding the right plot for you will take time. There will be planning hoops to jump through. Again, this process doesn’t happen overnight. But you need to keep your eye on the prize: a distinctive home which reflects your vision, meets your budget and suits your family’s changing needs.
This blog was provided by Laurence Associates