411homerepair.com

Is It Cheaper to Build Your Own Home?

by William Hayes on Nov 26, 2014

Thinking of moving home? Have you ever sat and watched Grand Designs and drifted into a dream about building your own pad? Could it actually be cheaper to turn self-builder than go through the same old house-buying process?

It is estimated that more than a million people in the UK have already started their self-build journey. Regardless of whether you’re starting your own building project or buying your next home, you should consider all the costs involved using an online mortgage calculator.

In 2013, thisismoney.co.uk reported that the average self-build project (including land) cost just over £255,000 (the average house price in the UK at the time was £169,000). However, it’s not quite that simple. Additional costs, such as Stamp Duty, are calculated differently for a self-build property, and you may be eligible for grants and deals, particularly if you are building in energy efficiency measures.

Stamp Duty on self-build properties is on the land and kicks in after £125,000. You’ll also need to factor in building insurance, legal fees, architects, planning permission and contractors – not to mention all the fixtures and fittings you’ll need to buy from scratch.

Don’t forget, you’ll also need somewhere to live while you’re building your dream home – even if you’re content with months (even years!) in a caravan on the building plot, you could still be spending significant amounts of money on temporary accommodation.

The Government-endorsed self-build portal has a supplier’s directory and interactive self-build journey to take you, step-by-step, through every stage of the process from finding a plot in the first place to finally moving in. The journey planner also helps you to make decisions about key aspects of your self-build dream before you start – from deciding whether you’re building alone to where in the UK you want your new home to be.

Financing your self-build is probably more complicated than a straightforward house purchase. Self-build mortgages are available, with the main difference between these and regular mortgages being that they are released in stages, either at the start or end of each building stage. They also tend to have higher charges than regular mortgages. The website www.homebuilding.co.uk is the online version of the magazine, ‘Home Building and Renovating’, and has regularly updated details of the latest self-build mortgages available.

Of course, you’ll save money if you can project manage and do some of the work yourself, but be realistic about what you have the time or skill to do.

So, the question of whether self-building is cheaper than buying is rather like ‘how long is a piece of string’. It depends on the size of the house you want to build, where your plot is, where you are planning to live while you build……but it’s certainly worth comparing costs.

There is a myth out there saying that building your own custom home is more expensive than buying an existing house. This is not always true. In many cases it depends on a home builder. More often than not you can build a brand you home for cheaper than buying a used one. However, you need to make sure you hire an experienced custom home builder who knows how to save your money.

Latest Articles

How Much Does It Cost To Take A Bath​?

Plumbers know that a bath may seem like a relaxing luxury, but the real cost extends far beyond your water bill. The average soak uses 35 to 50...

on Apr 8, 2025

10 Concrete Patio Ideas on a Budget

A concrete patio can be a game-changer for your outdoor space. It is durable, versatile, and can be customized to fit your style. But what if you...

on Mar 25, 2025

Tips for Creating a Stunning Personalized Photo on Canvas

Order the unique beauty of a personalized photo on canvas and bring your memories to life. With a customized photo on canvas, you can transform...

on Mar 7, 2025

Best Areas to Buy Property in Singapore for Long-Term Growth

Singapore's real estate market remains one of the most stable and lucrative in the world. With limited land supply, strong governmental...

on Feb 18, 2025

Troubleshooting Excess Water in Your HVAC Secondary Condensate Drain Pan

When maintaining your air conditioning system, it is easy to overlook the condensate drain pan - until excess water starts pooling in places where...

on Jan 12, 2025

Sponsored Articles

Actions

More DIY Articles

A Brief Guide to Stucco and its Benefits

Stucco is being widely used for its long-lasting life that comes with minimal maintenance. Stucco siding, since its inception, has been popular...

Improvements / Remodeling

Choosing Hardwood Flooring

Choosing the type of hardwood floor that best fits your space and DIY abilities is an important step in planning the installation of your new...

Floors / Tile / Hardwood

Installation and Care of a Septic System

Septic tanks are small scale sewage treatment plants that are common in households who find laying a complete sewage system expensive. The tanks...

Construction / Materials

Learn Them All in Minutes: Six Essential Wiring Skills

Take a few minutes to review the essential wiring skills shown on the following pages. Many have helpful animations that show you exactly what...

Electrical / Lighting

4 Unique Plumbing Services Offered by the Best Plumbing Companies

Are you tired of calling plumbers every other month? Are you looking for professional and reliable plumbing services? There are various companies...

Hire Contractors / Estimates

Contact Us | Submit Article | 411homerepair © 2025