Why Building Your Own Home Could Be Cheaper

With house prices increasing as much as they have recently, it is not surprising that people are more likely to think outside the box when it comes to owning property than ever before. Many of them are choosing to build their own homes rather than buy older properties and they are citing cost as one of the main reasons for this. Here is why building your own home could be cheaper.

Stamp Duty Land Tax

Stamp duty land tax is a tax paid on the purchase of property or land. You pay this as a percentage of your buying price. Therefore, the larger your purchase price, the more tax you will pay. It is a lot more expensive to buy a property and land rather than buying some land and then building on it. This means that you save yourself a lot of money in tax before you even get started.

You Can Build the Property to Suit Your Own Needs

Most properties are built for the majority, meaning that they are all fairly standard, but if this doesn’t suit you, it can be cheaper to build your own property rather than buy one. You may not need the same amount of space upstairs as you do downstairs if you enjoy entertaining for example, or you may want your dog to have their own facilities that aren’t included in a standard house. Being able to build a property that suits your own needs can be cheaper than buying a bigger home than you need to just to benefit from a few of the features.

You Don’t Need to Remodel

The chances are you will need to compromise a lot if you buy a home rather than build one and this can be costly. You might love the floor space and the location of your new home but if you hate the décor, the bathrooms are old, and you can’t work well in that kitchen, then you will need to do a lot of remodelling to create a home you can actually enjoy living in. That is on top of the cost of buying the property in the first place.

If you build your own home, you can take care of these issues by building your home exactly the way you want to. You can come up with your own ideas or research house building online. Look at 24 Housing to get some great ideas about building your own home and designing it to meet your needs. This is the UK’s best resource for planning, designing, and building your own home.

It Can Be Easier to Budget

If you are buying a home, you can be at the mercy of the seller’s asking price. Sure, you might be able to negotiate yourself a slightly better deal but at best you will only save yourself a small amount. This might mean that you have to go over your budget to get the house you want even after you have made compromises.

It can be easier to budget when you are building your own home if you are careful. Setting yourself a budget and sticking to it might not be easy but with enough research and planning, it doesn’t need to be too stressful.

You can negotiate the cost of the land, especially if you haven’t got a lot of competition, although this might be easier with some plots than with others.

You can do a lot of the building work yourself to save yourself the cost of labour. This can be a great experience and by the end of it you would have learned a lot. You will also have the satisfaction of knowing that you own a home that you built with your own hands to your own design. What could be more special than that?

You have a lot more buying power than you might think when it comes to buying materials and you shouldn’t be afraid to ask for discounts if you are buying in bulk. It can be cheaper to source your own materials rather than have the builders supply them because big building companies tend to have their own preferred suppliers that can be more expensive.

You should get several quotes for any work you are going to need to hire tradespeople for and don’t be afraid to negotiate although you should bear in mind that you get what you pay for, and the builders might feel more incentivised if they think they are getting a decent deal.

The ability to negotiate in several different areas gives you a lot more room to manoeuvre than if you a buying a house.

You Can Build the Property to Last

A professional house builder knows that their building must last for at least ten years as it will be under guarantee for this time. After that, they are no longer liable for any repairs. This can work out expensive, especially if you are buying a new build and you need to do a lot of work on the property once it is over ten years old.

If you build your own home, you can choose better quality materials and make sure that your home is built to last. Don’t be tempted to buy the cheapest material on offer to save you money as this could cost you a lot more in the longer term, especially if you plan on staying in the home for a while as you may need to carry out repairs. Instead, opt for the best quality that comes in on budget and you know you are getting a cheaper home that will last for a long time and saving yourself time and money on repairs.

There are many different ways to save money if you are building rather than buying a home. House building can often suit people who are happy to think outside the box and create something for themselves. If you don’t mind a bit of hard work, you could save yourself a considerable amount of money.