Self Build or renovation

racheyg

Hello

I would be interested to know if anyone has carried out a Self Build, or bought a really cheap property and renovated it, and their experience with not only the hassle of it all (perhaps!) but also their experience with the mortgage attached to it and obtaining a Land Mortgage.

m_13

I think many people prefer Self Build because the VAT is reclaimable whereas you get no relief at all when you renovate!

Home Building and Renovation Magazine is a great resource and their forum is very interesting.

We've only renovated so far (on our fifth) but would like to self-build. Staged mortgages are available from a variety of companies and these allow you to receive the money for the next stage as you complete the last.

We've always lived in our properties as we've renovated them so if you aren't keen on mess, dust or basic facilities then it may not be for you. We haven't had hot running water since last December and our bathroom consists of a loo with a bucket to flush it! However, I don't mind as I get itchy feet once it's all finished and looking lovely. My partner jokes that I'm trying to work my way through the IKEA kitchen brochure :A

racheyg

Fab, thank you. I will have a look at the mag and forum.

Acc72

There is a pretty good programme on TV "Buy, Build or Restore?"

Interestingly, most people choose to build.

I bought a delapidated house a few years ago and it was a nightmare to restore - when you resolve one problem, you uncover another whereas with a new build it is all from new (not that this itself will be without its problems).

Given the choice I would prefer to build as I could then design all the features that I wanted.

A compromise would possible be on the location - unless you bought an old house and knocked it down to re-build rather than renovate !