Celebrating the New Year with our best friends, we talked about the future and where we see ourselves in ten years or more. Our friends mentioned and have mentioned previously that they’d like to build their own homes. For me, I think the prospect of building your own home is terrifying but apparently, it’s a growing trend nowadays that many are building their own family home – rather than buying one already pre-made.
I suppose I can see the appeal of this, especially when you look at new houses going up nowadays – they all look the same. Being able to build your own home from scratch has its benefits and it’s something worth considering if you’re in the financial position to do so.
*This is a collaborative post. Image Source.
*This is a collaborative post. The rise of interest rates
Unless you’ve been living under a rock for the past six months (and to be honest, we don’t blame you for doing so), then you’ll be aware that interest rates for mortgages are at an all-time, ridiculous high and currently, they don’t seem to be dropping. For those looking to move house or want to get onto the property ladder, securing a mortgage is challenging, to say the least.
As a result, many are opting to utilize what they have from their existing property equity and use that money to build a new property. While this might not be possible for everyone, those who have made a decent dent in their mortgage can certainly explore this opportunity.
With rising interest rates currently at 3.5%, it’s no surprise that people in general are struggling when it comes to the housing market.
What are the benefits of building your own property?
If you’re thinking about building your own property, then it’s worth weighing up the pros and cons. There are a number of benefits that come with building your own property, so if it’s something you think would be an ideal solution for your needs, then here are some pointers that may sway you to build your dream property in the near future.
Customize it to suit your needs
When it comes to building your own property, you can tailor-make everything and anything you desire for this build. From the number of bedrooms to the layout and structure of the home, the world is your oyster.
Customizing a property that suits your needs entirely is something that can really transform your living environment and there’s no end to potential available with building your own building.
Cheaper in the long run
Building your own property is actually a lot cheaper to run in the long run than it would be buying a pre-built property. With the right materials used, you could save a substantial amount on your energy usage, which also includes using renewable energy sources.
You could potentially have a fully self-sufficient property that saves you thousands every year. With the rising cost of energy bills, this sounds like music to everyone’s ears.
More eco-efficient
As mentioned above, there’s a lot of money to be saved by building your own property. Not only that but you’ve got the satisfaction of owning a property that can be significantly more eco-efficient than the average property developer. While some may try to be eco-efficient, often enough they want to spend as little as possible to widen their own profit margins.
When building your own property, you don’t need to worry about meeting expectations, and therefore what you build can be tailored to your specifications in eco-efficiency too.
How to build your own property successfully
With the rising rates of mortgages and lack of personalization in new properties nowadays, people are throwing themselves into home renovations and extensions, rather than moving right now. If you’re looking to build your own property, or extend the one you currently own, here are some top tips.
Set a budget
Setting a budget is a great introduction to any home renovation or build because the last thing you want is to realise you’ve not got enough funds in the bank to do the best job possible. Not only that but renovations can come with their own surprises, meaning it’s better to have more funds than not enough.
Collaborate with architects and designers
When building property or renovating, it’s well worth the money to collaborate with architects and designers. Unless you’ve got experience in either, it can be helpful to have a creative eye on any renovation or building works you’re doing to make sure you’re going about it in the right way.
Choose your labourers wisely
Talking of those involved in your home renovation or building works, make sure you choose your labourers wisely. While there may be a lot of great options out there, there is also plenty of cowboy traders that will want to rinse you for your money and do a below-average job. Make sure you’re looking at the reviews and paying attention to the work they’re doing to ensure the finishes are to your preference.
Keep the site clean and functional
When it comes to functionality and cleanliness, using an easy skip hire with Hurley’s is worthwhile in order to help keep your site clean as the work is being done. The last thing you want is rubbish everywhere and ultimately causing problems when it comes to delivery of additional materials or furniture.
Expect delays
With any renovation project, there are more than likely to be delays experienced. With that being said, remember that delays are likely to occur and therefore accommodations will need to be made in order to ensure everything finishes successfully. Of course, while delays are expected, you want it to be finished in a timely fashion.
Consider building the home of your dreams in 2023
If you’re someone who has the funds to do renovation work on their existing property or you have the potential to start from scratch, building a property to your standards is something many people would kill to do. I would love to be able to do it one day, especially if it can come with a home cinema and indoor swimming pool. Totally dreaming right now!
What do you think about building your own property? Let me know your thoughts in the comments below.
*Disclaimer – This is a collaborative post with Hurleys. All words are my own.
