New Build Advice Please

gunnapaul2

Hi,

First of all apologies if this has been posted many times before, I did a search but nothing came up what I was looking for, if you cannot advise me on my request please feel free to not post anything.

I am going to receive some inheritance money in the near future and am hoping to use it to get out of renting and create our own home. I know pretty much nothing about mortgages, planning permission, architectural plans, power supplies to the home, land purchasing, self build home suppliers and builders, timescales, etc. Basically I need to know everything that will be required.

Also, because I messed about with credit when I was younger, which I am paying off now to repair my rating, will this limit my ability to obtain finance? I presume it will and don't want to be applying for mortgages if this is then going to go on my credit file damaging it further. I am working very hard to pay off all my debts before I start this project.

Any information including useful websites/links would be appreciated.

Thanks.

Cornucopia

Self-build is a tricky thing to get into, especially if you have never bought property before.

What kind of project are you looking at? You can de-risk it to an extent by using a kit house approach. This will also reduce architect costs.

Where are you looking to build? England is very difficult and expensive to buy land with building potential. Scotland and Wales less so.

Are you doing it because you think you will save money, or is there another reason? (It's unlikely that you will save a huge amount if the build is in England, especially if you factor in the cost of your own time appropriately).

You can get an idea of borrowing potential without a credit search by talking to a mortgage broker. Try googling for one with self-build mortgage experience. Alternatively, if your build will be an eco-house, you can talk to the Ecology Building Society.

Gwhiz

Buy this and then read it.

http://www.amazon.co.uk/Housebuilders-Bible-10-Mark-Brinkley/dp/190595946X

gunnapaul2

Cornucopia wrote: »

Self-build is a tricky thing to get into, especially if you have never bought property before.

What kind of project are you looking at? You can de-risk it to an extent by using a kit house approach. This will also reduce architect costs.

Where are you looking to build? England is very difficult and expensive to buy land with building potential. Scotland and Wales less so.

Are you doing it because you think you will save money, or is there another reason? (It's unlikely that you will save a huge amount if the build is in England, especially if you factor in the cost of your own time appropriately).

You can get an idea of borrowing potential without a credit search by talking to a mortgage broker. Try googling for one with self-build mortgage experience. Alternatively, if your build will be an eco-house, you can talk to the Ecology Building Society.

The project is a three bedroom house. I've looked at HANSE HAUS and HEBHOMES and they seem to be quite reasonable with builds.

Looking to build on the Isle of Wight, so yes land is rare to come by, but available nonetheless, I've seen some land available for a reasonable price but also expensive as you say.

My main reason for self build was as you say, to save money. I also had investment in mind, a future seller.

Thanks for the advice and sorry for the late response!

Cornucopia

Sounds interesting.

AlexMac

I'm jealous; I'm too old / too settled in my lovely little corner of London where land's rarely available. But I read 'Homebuilding and Renovating', the self-build magazine, the way some people read lads' magz (cheap subscriptions at http://www.homebuilding.co.uk/magazine ), gaze in awe at how quickly Huff Houses go up in the more affluent corners of our locality and look longingly at the more affordable houses and plots on the IOW (where we have kids) in the auction catalogues such as Clive Emson;s http://www.cliveemson.co.uk/listings.asp

Sounds a great idea, and done well, will get you a lot of house for your money! Good luck

Gwhiz

I'm into month 8 of my self-build at the moment and hope to be in early April.

It's a fantastic experience but you need to have good people you can trust, be prepared for lots of stress and sleepless nights and be able to make decisions quickly sometimes.

Find a plot of land, add the price of that to your build costs and then take that from the estimated value at the end. Then you'll have a rough idea if it's worth it financially.