Almost everyone knows someone, or has heard a story about, someone that built their dream home for a fraction of the price of what it’s now worth on the housing market. If those stories are to be believed, almost anyone can afford to live in a mansion if they’re willing to put in a little bit of work.
The question is, are those stories really true? Well, there is some truth to the idea that you can save money if you build your own home, but home building is a stressful and time consuming process, and there are a lot of things that can go wrong. So, before you go out and buy hundreds of roof slates and thousands of bricks, consider the following:
The Case for Self Builds
When you build your own home, you have control over almost everything. You pick the plot of land, the size and shape of the house, the layout of the rooms, and the materials used. If you want to shop around to get a great deal on roofing supplies and then use the money that you saved to squeeze a swimming pool into the back garden, then you can do so. If you want every bedroom to have an en suite bathroom, you can cut costs in other areas to fit that into your budget.
Building your own home allows you the freedom to choose exactly what features you want. If you take pride in your interior design skills, this means that you can turn your new home into a paradise.
If you’re good at budgeting, and know exactly what you want, building your own home can save you a lot of money. In addition, you may be able to get financial assistance in order to ensure that your new home is as energy efficient as possible.
Why Building Your Own Home isn’t For Everyone
The downside to the control that building our own home offers is that this control comes with responsibilities. When you decide to build your own home, you have to worry about where your building materials will come from. Do you know how many roof slates you’ll need? Do you have any idea how much roofing supplies normally cost? Do you have any experience with project management? What will you do if the builder runs into a complicated and potentially expensive problem partway through the build?
Don’t build your own home if you’re on a deadline for moving out of your current one. Home builds are notorious for going well over schedule, so it’s a good idea to have a backup housing plan just in case it happens to you.
None of the above issues are insurmountable, but they can feel horrible when they crop up. If all you want to do is move into a new home, unpack, and enjoy it as soon as possible, then the extra stress and work of building your own home may not be for you.
It is possible to build the home of your dreams, and there’s a lot of support out there for people that want to do it. However, if you want to build your own home it’s a good idea to talk to some people that have already been through the process. Make sure that you’re going in with your eyes open and that you know how much it could cost you, and how long it will take.
Jon Platy writes for Principal Homebuyers, a UK based service that connects sellers and buyers when a quick house sale is required for personal reasons.