Buying a house is an expensive outlay, and let’s face it; you might not find the house of your dreams for a price you can afford. What you could do though is build your own home. Going down this route will probably mean employing a project manager, especially if your own project manager skills are not up to scratch. Failure to plan and execute the design and construction properly could mean you end up with a house that not only do you not love but also being saddled with much more debt than you had ever anticipated.
Why Build Your Own Home?
For developers, building homes and selling them on is a lucrative business. The reason is simple: most homes are worth far more than the cost of their construction. If your build project, then, is managed properly, you could end up with the home of your dreams but at a fraction of its market value.
Building a home also offers complete freedom insofar as the design and fixtures and fittings are concerned. Yes, you could always renovate a home that you buy to include the features you desire, but the reality is that this is likely to cost you far more than if you were to install these at the build stage of your self-build.
As just an example, consider underfloor heating; it is much easier and cheaper to have this installed in a new build than to rip up the floor of an existing property and install it.
Do You Have the Stomach for it?
While most self-builders will tell you that they now have the home of their dreams, the majority of them will also tell you that they would never do it again. The reason is that building a home can be an incredibly stressful experience. Think about it, even buying an existing property can be stressful. When it comes to building a home, the stress levels are many times higher.
If you are to be heavily involved in your self-build, you’ll definitely need to have the necessary project management skills to rely on. There are those that want to be in charge of their own build because it is their dream and they definitely don’t want others making decisions for them. Think carefully before going down this road. If you have experience as a project manager, then by all means, go for it. But if you have never managed a project before, it may become too much.
Know What to Expect
If you are still gung-ho about building your home, do your research in advance. For example, getting a mortgage for a self-build is not as easy as obtaining one for an existing home. You are likely to need a large deposit and your mortgage lender will typically release the money you need to build in stages. So before even starting, you will need to have around 30-35% as a deposit. It is probably wise to have another 10% in reserve on top of that to deal with any unexpected expenses.
Remember, if you are planning to manage the project yourself, you will need to liaise with lots of other people. It will be your job to ensure that everything is on schedule and within budget. To help with your project management skills, you could utilize a good software program. Software developers such as Seattle-based LiquidPlanner offer superb software programs that include all elements of the project management process and are ideal for any type of project.
Learn all you can about the building process before you get started. Hopefully, once your dream home is built you’ll wonder what all the fuss was about.