Having a house built...Worth it?

[wildcat45]

I've got he chance of buying a plot of land with permission for a house to be built htere.

Nice spot.

Would getting a place built - 4 bed detatched - be any cheaper than buying a ready made hosue like you would do normally?

Its 50 K for the land....middle of no-where deep in the country. No real houses roudn there to compare it with.

Or is doing something lie this just going to end up as a massive money pit pain in the arse?

Dan

[Crusoe]

build a nice house for a lot less than the cost of buying an already built one, lots of builders and architects who would probably jump at the job just now too. If it's out away from other people check the cost of utilities though, might be hugely expensive to get them to connect up water and gas etc.

[anonymous-user]

/\ You can probably forget gas if in the middle of no where.

[camgear]

If it's cheaper, why doesn't everyone do it?

[CivicMan]

Terrific opportunity to have yourself a true eco house! Go for it - there are some fabulous ideas out there for new builds!

[anonymous-user]

I've been looking for a plot for 9 months now... DO IT!!!!!!!!!!!!!

[anonymous-user]

camgear said:

If it's cheaper, why doesn't everyone do it?

Hassle. & i'd wager it won't be cheaper by the time you have finished

[mybrainhurts]

CivicMan said:

have yourself a true eco house! Go for it

Oh, god, my head just fell off...

[Meeja]

camgear said:

If it's cheaper, why doesn't everyone do it?

Getting the land with planning permission (at the right price) is not easy. Plus, if you are building yourself, you need to have somewhere to live whilst the build is ongoing.

[scotal]

Dave_ST220 said:

camgear said:

If it's cheaper, why doesn't everyone do it?

Hassle. & i'd wager it won't be cheaper by the time you have finished

The general beleif is a saving of +/- 30%.

[Blib]

mybrainhurts said:

CivicMan said:

have yourself a true eco house! Go for it

Oh, god, my head just fell off...

Dispose of it responsibly.

[Crusoe]

camgear said:

If it's cheaper, why doesn't everyone do it?

because you won't get a mortgage on it till it's built so you have to come up with the funds. Plus you won't have a house for 6 months or so while it's being designed and built. Believe someone near me wanted to build on a piece of land two miles from the nearest house, was going to cost just over £50k a mile for the utilities to be installed though. Easier if you don't have gas or sewerage and just have electricity and a septic tank but water pipes will still need put in across other peoples land.

[anonymous-user]

camgear said:

If it's cheaper, why doesn't everyone do it?

Because they can't find a plot, because they are too scared, because it's more complicated raising finance, because they are lazy etc etc etc

You can normally save the developers profit (in a good market) so if you have the opportunity it's a great way to get a house at a great price OR at least get a house exactly to your spec at a price you normally pay for a developers box!

[scotal]

Meeja said:

camgear said:

If it's cheaper, why doesn't everyone do it?

Getting the land with planning permission (at the right price) is not easy. Plus, if you are building yourself, you need to have somewhere to live whilst the build is ongoing.

If the earnings are there you can get a mortgage that wuill allow you to finance the build and stay in your currenthome while it's done. There is of course a risk attached to the sale price of the old house though.

[anonymous-user]

mybrainhurts said:

CivicMan said:

have yourself a true eco house! Go for it

Oh, god, my head just fell off...

Whilst trawling through SDLT bullst i'm sure there was some incentive to live in a mud hut. That's gota be worth it.

[scotal]

Crusoe said:

camgear said:

If it's cheaper, why doesn't everyone do it?

because you won't get a mortgage on it till it's built

Sorry mate, that's rubbish.

[Zippee]

wildcat45 said:

Its 50 K for the land....middle of no-where deep in the country. No real houses roudn there to compare it with.

I can only dream. For a suitable plot where we are (we need a minimum 1/5 acre in order to build a decent 4 bed detached) we'd be looking at well over 150k inc outline planning.
We still live in hope though....

[anonymous-user]

scotal said:

Crusoe said:

camgear said:

If it's cheaper, why doesn't everyone do it?

because you won't get a mortgage on it till it's built

Sorry mate, that's rubbish.

Exactly. Lot's of self build mortgages available these days

[Crusoe]

scotal said:

Crusoe said:

camgear said:

If it's cheaper, why doesn't everyone do it?

because you won't get a mortgage on it till it's built

Sorry mate, that's rubbish.

can get partial mortgages and increase them as the build goes on but as a private individual building a £100k house if you show them the plans and ask for an 80% mortgage against nothing existing they will laugh at you.

[anonymous-user]

Crusoe said:

camgear said:

If it's cheaper, why doesn't everyone do it?

because you won't get a mortgage on it till it's built so you have to come up with the funds. Plus you won't have a house for 6 months or so while it's being designed and built. Believe someone near me wanted to build on a piece of land two miles from the nearest house, was going to cost just over £50k a mile for the utilities to be installed though. Easier if you don't have gas or sewerage and just have electricity and a septic tank but water pipes will still need put in across other peoples land.

New build i looked at had oil heating(put me off), a house within pissing distance had gas, the developer said they were quoted £45K to have main put in! I'd believe them too as the whole street is oil fired-quite a few other new builds too.