For some people the appeal of having something built to their specification and design has an enormous appeal. They imagine planning their ideal home from scratch. If they have been living overseas, they may also be used to this as a common option. However, building in the UK presents different challenges to buying a plot of land to build on overseas.
Are Self-Build Homes The Best and Cheapest Options?
The majority may think that a self-build project or having a property built for them is the cheapest option, but is it?
If you have the time to find and buy a suitable plot and physically build the property of your dreams yourself, you maybe onto a winner. Even so the process can be time consuming, stressful and fraught with problems such as going over budget or overrunning the expected completion date.
There are many problems, even for experienced property developers, so unless you know what you are doing and have the relevant skills you could be facing a more expensive outlay than you first realised. For example, if you find and buy a plot for someone to build on for you, such as a builder or a developer, be warned. Their price will naturally include a margin as they need to make a living as well as covering their costs for materials and employees or subcontractors.
The average cost of building a residential property varies tremendously. We have seen costs as low as £40 - £60 per square foot and, albeit an extreme, as high as £800 per sq ft for a top London developer. The figure we often quote inclusive of a good specification kitchen, bathroom and finish is more likely to be £160 - £200. A typical three bed roomed property is approximately 1200 – 1600 sq ft so you can see the average costs when budgeting.
Whatever it is, the way you tell your story online can make all the difference.
Finding the Plot of Land – It’s not as Easy as You Think
Finding the plot of land you need to buy, in the right location, before you can even think about engaging an architect and what it’s going to cost to build on is a major hurdle.
There is a huge variation on values when it comes to buying a plot. Sweeping generalisations may be applied:
The price of land is affected by its geographical location
The plot is affected by the commutable distance to a city (even more so if this city is London) – the further away from the city and the longer the commuting distance generally the more competitive the land becomes.
Land in the south is generally more expensive than the west, east and north of the UK. There are exceptions, as land close to Bath, Manchester, Leeds, Newcastle to name but a few are relatively more expensive.
Land with magnificent views, in a rural position, next to the sea or on the coastline is highly sought after and therefore commands a premium.
There is a shortage of land for sale in the UK. Not every plot of land you come across will enable you to build what you want on it! The safe bet, which is often the more expensive option, is to buy a plot that already has planning consent granted. You will be able to inspect the plans and know what you are buying. Plans will show you the size and design of the new property as well as the likely cost to build it.
There are consultants who specialise in searching and buying plots of land. It may be prudent for anyone thinking of buying a plot of land to build on to take professional advice from such persons to avoid disappointments and costly mistakes.
For more information about buying your next home, please contact Premier Property Search on 01962 793100 or email enquiries@premier-propertysearch.co.uk
