Buy a new home or get plot and design your own? If the latter intrigues you, you are going to want to know self build home cost to begin planning a budget.
Buying a property can be more complicated than you realise. Sometimes, no matter how hard you look and no matter your budget, you simply won’t find the house you are looking for.
Sure, you can settle for close enough to your dream home, and then make changes when you need them. But that doesn’t always achieve the ultimate goal.
What if you wanted to have the perfect house for your needs? Well, there is always the option of building one. The only thing with this is that you won’t know exactly how much to budget.
If you are considering building a new home rather than buying an existing property, take a look at some of the key points of building a brand new home. That includes how much it costs to build a new gone and and how much you can expect to pay out for this type of project.
Always think about budget for self build home costs
Whilst you will want to know how much it costs to build a new house, the best way to approach this may be to think about how much money you have available. Doing this means that you will be able to spend within your means, without worrying about going over budget.
The main things to consider when it comes to your own budget are whether or not you have any savings, whether you have any equity in your existing home, or if you can apply for and be approved for a self-build mortgage.
Once you have these things in mind, you can start to learn more about the costs to be incurred in your new build and whether or not it is something that you can afford to do.
The main self build home costs
Now is the time to start thinking about how much a new build is going to cost you. One of the first costs that you need to account for is the actual plot. This can be hard to budget for as the plot cost depends on the location that you want to build on.
When it comes to purchasing a plot, you also need to think about any fees or charges that you may have to pay out, including legal fees, taxes, and any professional services you will need.
Building wise, your biggest expense is going to be the superstructure of your home. This includes the walls, the external cladding and the roofing too. Another big expenses to think about are the foundations and the floor structure of the build too.
You also need to pay attention to the smaller aspects of building a home, which will cost around 5-10% of the budget overall and then you will need to consider materials too.
The prices of these fluctuate depending on the market, and you may be able to find a great price on these materials if you take the time to shop around and work out where is the best place to buy them from.
Average new self build home cost
On average, building a new home will cost somewhere in the region of £2,000 per m2 in the UK with an average cost of £270,000 according to a Homebuilding & Renovating report.
However, you may be able to reduce this cost to as little as £1,750 per m2 or be faced with costs as high as £3,000 per m2 depending on fluctuations.
That said, knowing that you have planned and built a home that is going to be precisely what you need and want it to be for you and your family – both right now and in the future.