Planning on a Self-Build Home? Read This First
There are more and more people that are choosing to self-build their homes. Whether it is because of a desire to build an ideal home, having the spare cash to do so, or just want to make sure that they are really making a good investment into property, it can be a popular choice. Having said that, there is still a lot to consider and a lot of things that could potentially go wrong. Depending where you live in the world, there are even some incentives to self-build, such as Help to Build schemes in the UK, for example. But why is there such a push to help people to be able to build their own homes?
One factor to think about is that it can be a great way to increase the number of homes that get built each year. While that can be a good thing for the government, self-building is something that can benefit the person choosing to build too. You get the house that is tailor made to you and designed with any specific needs in mind, but it means that you have the potential to make a big profit on the build itself as it will be an asset that you own that can increase in price over time.
Building a home can certainly come with a number of challenges and potential pitfalls. However, it can still be one of the most rewarding things that you can do. If you are looking to find out what it all entails, then here are some things to think about; do you think that it is right for you?
How Much Does it Cost to Self Build?
When it comes to working out costs of a self-build, it really is how long is a piece of string? The answer can vary because of a number of different factors. All self-builds are different, but one thing to think about is looking at the cost per square meter. On average, it can cost anything from $1000 to $3000 per square meter. However, the costs can vary for a number of reasons, which include:
The location: the cost of land can vary hugely from state to state, and from country to country. Not only does the cost of land vary, but so will the costs of labor too. Unless you are physically planning to do the build yourself, you need to think about the costs of contractors and construction workers, like these civil contractors Christchurch, to do the work for you.
The size: as you might imagine, the larger the build and the land to build on, the more that the project is going to cost. This doesn’t always follow, especially if you have a small space to build on but are planning on building multiple floors.
The shape, plan, and home layout: if you have a simple or quite standard home layout, then it will cost less to bring it to life than a more complex design or layout would. If you are on a particular budget, the design that you choose is definitely something to think about.
The number of floors: as has been mentioned briefly above, the number of floors that you want for the home can make a difference to the cost. You may need to have larger foundations, though, which could involve something like Earthworkz' directional drilling services if you encounter some rocky ground that needs to be drilled through for your foundations.
The specification of the home: the fancier the specification of the home, such as ultra modern compared to more traditional, will also play a part in the cost of the new build. If you need a specialist to install something, then the price will obviously increase at the same time.
The involvement that you have: you may have always dreamed of building your own home, but did you imagine you’d do the majority of the work? If you aren’t skilled in this area, and will only be doing the decorating, for example, then the price will add up.
In many instances, building your own home can be more cost-effective than buying a home. In general, the average profit that you can make on a well-managed self-built home is around 25%. In most cases, this will mean that you will be getting much more house for your money, rather than if you were to buy. The key thing is to do your research thoroughly, especially into costs, and weigh up your options. Then you can decide if this is right for you or not.
