Most people associate self build with big budgets and striking structures – the kind of projects you might only ever see on an episode of Grand Designs. In reality, there is much more to self build than meets the eye – and you don’t necessarily need Kevin McCloud’s help to take on a self build project of your own.
The benefits
Self build can be a cost effective option when it comes to owning your own home, and this is a key consideration for many of the estimated 15,000 people who build their own home each year.
As well as having the freedom to choose where to spend and where to save, self build offers reduced costs on Stamp Duty Land Tax, since this is only due on the value of the land you own. Another benefit is that you don’t have to worry about making a profit – large scale housebuilders have to work to a profit margin if they want to stay in business, but self build eliminates this and helps your money go further.
The self build sector has the potential to play a crucial part in alleviating pressure on the housing market, and an increase in self build could go some way in meeting the Government’s target to build one million new homes by 2020.
The barriers
Despite its many benefits, there are a number of barriers that continue to hinder the sector such as access to land and the associated red tape and legislation that comes with it. While schemes like the Government’s new Self-Build and Custom Housebuilding Act and the Housing Development Fund aim to improve access to self build, their success is yet to be proven and for many, self build remains a mystery.
It’s important to recogonise that anyone, regardless of budget, can become a self builder, and new build registers and funding schemes present aspiring homeowners with a great opportunity to build an affordable home that’s right for them.
To find out more about taking on a self build project of your own, or for advice on getting started, visit the Jewson self build webpage and request a pack.
