Buying a home vs Building a home
Discussion
I'm hoping there's either some builders out here, or people who have done the same who can offer some advice.
I'm in the position to be buying my first home, and this idea has sprung to mind following a friend recently renovating a property and making a decent profit on it.
For me, making a profit is not really key as I a want a home first and foremost rather than a money making opportunity. Obviously both would be fantastic, but not important so to speak.
With house prices going up and up again, at least in the Hampshire area, it seems £250k won't get you too much, or at least not a property to the same level I'm used to renting. I have been approved for a £250k mortgage, but after doing some digging, apparently there are mortgages you can get if building a home instead of your traditional mortgage.
So anyway, I was thinking, for £250k, surely it must be more cost effective to buy a small plot of land, get planning permission, and build a house. Now I appreciate that is making it sound super easy when I'm expecting this to be a 1-2 year project. I need to stress I will probably not get involved with any of the building/decorating side, and will have to pay tradesmen for the work. But could you get a house built for £250k? Is it as simple as that, and most importantly where do I start?
I'm in the position to be buying my first home, and this idea has sprung to mind following a friend recently renovating a property and making a decent profit on it.
For me, making a profit is not really key as I a want a home first and foremost rather than a money making opportunity. Obviously both would be fantastic, but not important so to speak.
With house prices going up and up again, at least in the Hampshire area, it seems £250k won't get you too much, or at least not a property to the same level I'm used to renting. I have been approved for a £250k mortgage, but after doing some digging, apparently there are mortgages you can get if building a home instead of your traditional mortgage.
So anyway, I was thinking, for £250k, surely it must be more cost effective to buy a small plot of land, get planning permission, and build a house. Now I appreciate that is making it sound super easy when I'm expecting this to be a 1-2 year project. I need to stress I will probably not get involved with any of the building/decorating side, and will have to pay tradesmen for the work. But could you get a house built for £250k? Is it as simple as that, and most importantly where do I start?
So the biggest constraint seems to be land. If understood correctly, we're saying to get a land with planning permission on is extremely expensive, and to get a piece of land without and applying is timely with no certainty of success?
As time isn't a huge factor, as I'd prefer to wait and get everything right, In regards to the latter point above, is the outcome of success possible so long as you tick all the right boxes for the council. Obviously I won't just go and buy a field and then ask; I'd need to find some sort of consolation with someone who's day job it is to assist and advise.
As time isn't a huge factor, as I'd prefer to wait and get everything right, In regards to the latter point above, is the outcome of success possible so long as you tick all the right boxes for the council. Obviously I won't just go and buy a field and then ask; I'd need to find some sort of consolation with someone who's day job it is to assist and advise.
So a bit of an update and made some progress.
One of my parents friends has quite a reasonable size estate in Hampshire (like 20 acres or something similar). I mentioned the idea of building a house to my dad, and he mentioned this friend. He has since said he'd be fine to sell a small amount of land (10th of an acre) to build a house for a very reasonable sum of £5,000.
I'm getting quite into the idea now, as it genuinely seems like a viable option. I assume the next stage would be to get someone to evaluate the land to see if it i'd be possible to be built on?
One of my parents friends has quite a reasonable size estate in Hampshire (like 20 acres or something similar). I mentioned the idea of building a house to my dad, and he mentioned this friend. He has since said he'd be fine to sell a small amount of land (10th of an acre) to build a house for a very reasonable sum of £5,000.
I'm getting quite into the idea now, as it genuinely seems like a viable option. I assume the next stage would be to get someone to evaluate the land to see if it i'd be possible to be built on?
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