What Are The BenefitsThe decision to move home is always a daunting one. People who manage to find a property they can really identify with in the area of their choice are lucky indeed!
What Are The Benefits
The decision to move home is always a daunting one. People who manage to find a property they can really identify with in the area of their choice are lucky indeed!
When they arrive in a house that has been previously lived-in, most people choose to redecorate, redesign or even rebuild certain sections of the property.
If a great deal needs to be done – and you have found a house after a long search but it ticks, say only 60 per cent of the boxes in that magical picture in your mind – there is always the temptation to take the self-build route
The advantage of this is that it should provide something extremely close to what you have been looking for. The disadvantages are legion, but at the end of the day many successful self-builders will say that, when they finally move in, there one factor that outweighs all the others – satisfaction!
Perhaps the most notable benefit awarded to people who choose to self build is the luxury to design their bespoke home, tailored specifically to their needs. No longer are you buying a new-build not of your choice that must be adapted to try and fit your lifestyle. Instead, at every stage of the design process, the self-build is tailored to your every desire. A dream home indeed!
Of course it never works out exactly this way. But it is the only way to achieve precisely what you desire.
However many self-builders, after a long and unsuccessful search for a plot, choose to take the route of radically adapting existing homes. Depending on the extent of the work, many would say that the result is as much a self-build as a house built entirely from scratch.
However, with a total self-build you have complete control over the choice of how and where you live. You have the ability to control the layout, energy-efficiency and running costs of the house, and (perhaps most important of all ) control of how you wish to use the plot. For some orientation is the vital factor. For garden lovers it may well be the position of the surroundings in relation to the house!
Although you have control over who designs your project, who builds it, and where it is built, there is the vital question of the budget. Compromises always have to be made. Most projects seen on TV programmes are a far cry from what would be classed as the average self-build, and you should never forget this when planning your dream home.
This highlights another benefit. For the vast majority of people a self-build will provide far more for your money than investing an equal sum in a developer-built home. Obviously the more work you undertake yourself, the greater savings there are to be made. But no matter what level of involvement you choose, there are clear economic advantages to be gained.
On top of this, self-builders can take advantage of a small stamp duty land tax and VAT reclaim. Stamp duty land tax is only payable on the value of your land, rather than the market value of the final house. Hence if you buy a plot for under the £125,000 threshold you will pay no stamp duty at all. Furthermore,building a new home from scratch offers substantial VAT savings, with labour costs on new build housing being VAT zero-rated and the ability to reclaim VAT on building materials after completion. With current VAT at 20% this can mean very large savings, often in the £10,000s.
It is hard to overestimate the satisfaction factor that comes with the completion of a successful self-build – even if this does not involve building entirely from scratch. If you have managed to keep to within ten per cent of your original budget and have not over-specified you will be on course to have a really excellent investment. So you can see why it is that approaching 20,000 people undertake a self build project every year.
And one thing you can be sure of is that every single one of those houses will be different. You could even say unique!