Saving Money by Building a Property from Scratch
Getting a foot on the property ladder can prove extremely difficult at the moment. House prices are soaring, many people’s income has not increased to allow for these price increases, and larger numbers of properties are now owned by landlords who only want to let. So, it’s pretty surprising that nowadays, extremely few people build their own homes, when this could prove to be a brilliant way to set out a journey towards home ownership. Of course, there are several reasons for people’s reluctance to build their own properties, but generally speaking, the main issue tends to be convenience. When people want to move into a home that they can own themselves, it takes a lot less time and effort to move into somewhere that already exists. They can literally purchase the title deeds, take the keys, and move in. But it’s important to bear in mind that building your own home is a completely viable option and a brilliant way to ensure you get the property of your dreams, first time round with little to no compromise. Just because few people do it, doesn’t mean you should ignore its potential. So, here are a few reasons why you might want to consider building your own property, and how you should go about it should this means of homeownership appeal to you!
How Building a House Saves Money
For some reason, people tend to automatically assume that building a house is going to cost them a lot more than buying a premade one. But this isn’t necessarily true. Bear in mind that any existing home you may look at had to be built, and the cost attached to the property will incorporate the costs incurred from building it, plus more so that the company or homeowner can make a profit. What’s more? Once your building is ready to be moved into and lived in, you’re not going to have any extra outgoings! Here are just a few financial perks of owning a property that you have built yourself!
No More Rent
Once your property is built, you won’t have monthly rent payments being deducted from your account. When you rent, you are literally pouring money into something that is not your own and essentially paying someone else’s mortgage for them. Surely you’d rather invest in something that is your own to keep at the end? You also won’t be evicted or told that you have to move out with relatively little notice, as you won’t have a landlord who might want to use the property for other things.
No Mortgage
Sure, you may not have sufficient cash available to pay for the building of your property outright. Instead, most people will take out a large loan to cover the costs, then pay this back on a monthly basis, plus a little interest. But you should bear in mind that you won’t be tied into a mortgage, which is likely to have extremely strict terms and high interest rates. When taking out a loan, you could haggle and barter, reducing interest rates and agreeing to more flexible payment terms, such as being able to clear the balance in advance of the loan end date should you find yourself with the money available to do so.
Fewer Repair Costs
Seeing as your property is going to be brand new, you’re not likely to face as many repair costs as someone who is moving into a pre-owned and pre-existing building. You aren’t going to move in, only to find a year or so later that the property’s foundations need to be repaired, or that the land supporting the property is uneven, sinking, or experiencing other problems.
Fewer Renovation Costs
Seeing as you have chosen what you want your property to look like from the outset, you aren’t going to find yourself having to fork out renovation costs to have alterations made to the property further down the line!
Purchasing Land
If you’re going to build a house, you’re going to need somewhere to build it. Now, if you’re planning on building in an inner city area that is already relatively built up, you may start experiencing issues. Where land is scarce, it tends to come hand in hand with a higher price tag and you will generally only be able to choose from small lots. If this is what you want to do, then you should pursue your dreams, but be prepared to fork out a lot more for land ownership and rights. Alternatively, you could look at land a little further afield from the inner city and consider suburban or more rural areas. This land is likely to be cheaper and, consequently, you may also be able to acquire more of it, giving you more space to play with and allowing you to build a bigger home. Before purchasing the land itself, make sure to bring in the help of land surveyors. Not all land is equal and there are various types of ground that can prove extremely difficult to build on. You want to make sure that there aren’t any existing problems with the land, such as particularly hard ground, ground that is too soft to support a building, sinkholes, or other issues. A land surveyor will be able to identify any potential flaws and give quotes regarding how much it might cost you to rectify anything that needs to be rectified.
Collaborating With An Architect
The first person you will have to work with when it comes to getting the project in motion is an architect. An architect is an individual who designs buildings. They may not deal in brick and mortar, but they can ensure that the correct plans and blueprints are laid out to the people who carry out the actual construction jobs. They will be able to listen to what you want and deliver a property plan that has sufficient space, your desired design, and (perhaps most importantly) is structurally sound. They will ensure that everything will remain standing for the foreseeable future and that you won’t experience problems like mismatched foundations, walls giving way, or other structural issues.
Finding a Reliable Construction Company
Building a house from scratch is by no means a small venture. In order to pull this project off, you are going to have to deal with a whole host of professionals who can bring different aspects of the property to life. You might not be able to rely on a single individual or group of individuals to complete every single task required to bring your dreams to reality. This is why you should collaborate with a construction firm like Cochran. A firm will be able to supply you with all of the different workers required to complete the job. Read reviews to ensure that similar projects in the past have been carried out well and to customers’ satisfaction. Using a reliable company will prevent project delays, cost overrun, and faulty work that will need repairing and rectifying later down the line.
Ensuring You Have Somewhere to Live During Construction
Chances are that before deciding to build your own property, you have been renting. While it may feel frustrating forking out rent while your property is being built, it is essential, as you are going to have to have a roof over your head for the entire period of time until you are handed the keys to your brand new property. Many individuals who build their own home make the mistake of having one part of the property completed and trying to move into it while work is being carried out on the rest of their property. Generally speaking, most good construction services will not allow this to happen in the first place. Worksites can be dangerous and shouldn’t have people living on them regardless of the situations. You could also prove a distraction or inconvenience to workers, making the job take longer as they try to work around you and your living conditions. Instead, stay somewhere else, have patience, and wait until all work is complete. Try to find somewhere with a flexible lease. We are all well aware that construction sometimes takes longer than originally anticipated. Allow for some cross over between when work should be completed and when work may actually be completed. This will prevent problems, such as your rental tenancy coming to an end and you finding yourself without somewhere comfortable to live for a few weeks or months.
Hopefully, this has all helped you to see that renting or purchasing existing properties is not the only option out there for you! While building a property from scratch will definitely require a lot more effort, dedication, and commitment in general, the rewards are more than worth it! You could literally find yourself not only living in a dream property, but also forking out less for it in the long run!
