Should we sell our home to build?

moonflip

My partner and I have found ourselves in a position where we have accommodation, all utilities, and food included in my partners job (which *touch wood* is pretty stable).  We have a house with a mortgage, but we are now wondering if we should sell this to build our own home, potentially allowing us to be mortgage free. 

Building our own place is something we had spoken about years ago, but the inconvenience of living in a caravan whilst building was enough to put us off. 

Now our situation has changed dramatically, we are wondering should we sell our home, continue to put the £1000's away each month (that would have been going on mortgage payments, utilities, council tax etc etc) and use this on top of the money from selling our home to buy land and build something. 

I worry about getting off the property ladder after working so hard to get on it in the first place. 

Some more info: we bought our current home at a relatively low price with the sheer amount of work that was needed to get it live-able, I am confident we would be able to sell and make a nice profit. 

ProDave

Self building is something many dream of but fewer actually get to do it.  Are you sure building plots are available at an affordable price where you are?

If you are ready for that journey I suggest you seek out the buildhub forum.

(Serial self builder having finished our second self build a couple of years ago)

babyblade41

we have done similar but not ground up as our barn conversion did have a solid shell and base 
There is a lot to factor in and we lived onsite in a small mobile home  which was horrid to say the least.

We were lucky enough to be gifted the land  but for a 2 bed open plan barn conversion in an absolutely idyllic spot we are now into the tune of just over 450k 

The actual build is only part of it, the first thing is locating land and until you've bought it you have to then see if PP can be gained.. so the first hurdle is a large financial commitment with a chance that PP will be declined 

The ideal situation is to buy land that has PP granted but you must understand this comes with a price premium 

I was onsite every day all day to oversee the project.. each stage threw up some major problems so the second stage is making sure you know your builders and how they work 

I wouldn't do it again, the stress is unbelievable but we have  a beautiful home that we love but still  not sure the stress was  worth it 

2 years from the idea to fruition has been very hard, you just have to stay committed and whatever your budget add 25 % on top