Four considerations when building your own home

Have you ever fantasised about starting from the ground up and creating your own home? Have you ever fantasised about building your own one of a kind home on your own plot of land? Well, it's possible that it's more likely than you believe.

Building your own home is, of course, a tremendous financial, emotional, and logistical commitment, but it can also be a hugely satisfying project.

If the notion appeals to you, here's a quick rundown of some things to think about:

Budget considerations

Any self-major builder's worry will be the entire cost of the project. Your budget will very certainly dictate the type of construction methods you use, so creating a well thought out, reasonable budget for your self-build is critical.

The cost of the project will be determined by how much work you plan to undertake yourself and the scope of the project. Make a precise financial plan that includes all labour and material expenditures, as well as a 15% contingency budget for any unexpected expenses.

Also, be certain that the funds required for the project are readily available. Cash flow problems can stymie work and throw timetables off. You'll almost certainly have to put down a deposit on your plot of land and pay for the structural foundation work up front when you begin the project.

You should also think about things like ‘what are Restrictive Covenants?’ so you don’t get caught out when applying for planning permission. 

Choosing a plot

Finding a good plot for sale is typically the most difficult component of creating your dream home. There are some useful websites, such as plotfinder.net, that may be of use.

Also, keep a watch on local estate agents, as they may have land for sale on their books from time to time. Keep an eye out for land auctions, as you might be able to obtain a good deal on a parcel this way.

You'll need a skilled surveyor to assess the land once you've found it. You'll also need a lawyer to handle the necessary paperwork and ensure that the land is fit for your plans.

It's critical to ensure that you're legally permitted to construct on the property, i.e. that you have the proper planning approval in place.

Some land may already have planning clearance, but there may be restrictions on the sort and size of home you can construct there. The Planning Portal is a government run website that contains useful information on the planning process.

Management of a project

You must determine whether you will project manage the construction yourself or employ a professional to do so. This decision is often driven solely by financial considerations, with self-builders opting to take up the project themselves in order to save money.

This isn't always a good idea. Managing a project from the ground up can be difficult and frustrating. It frequently entails leading multiple groups of individuals and negotiating deadlines and budgets.

Simultaneously, you'll have to be the client, making personal and long-term decisions concerning your new house. Combining the two responsibilities might be difficult at times.

If your budget allows, hiring a professional, experienced project manager to handle your busy construction site can be a good idea. This would allow you to take a step back from the construction process and make judgments without being tangled up in the logistics.

Be ready

When it comes to self-builds, things may and do go wrong, so it's critical to safeguard yourself and your investment. To ensure you have the right policy in place, speak with a specialised insurance broker with experience in self-build residences.

In most cases, you'll require site insurance quote comparisons. This is similar to home insurance quote comparison in that it can cover any damage to the construction site while it is being built. Things like fire, theft, and vandalism fall into this category.

Your policy is likely to contain public liability coverage as well. If a member of the public was wounded or died as a result of your building activity, this could help cover compensation costs.

Hopefully, this guide has helped you to prepare for building your own home. Do you have any other tips that could help? Please share them below.