Buy or Build?
The pros of self building will exist to cancel out the cons of buying, such as agency fee’s and building company profit margins. Likewise the horrors of self building projects will give reason to those who opt for a ‘safer’ acquisition. The assurance of a final buying price, professional agents salus safety & industrial supply and warranties may well be the overriding factors for someone on the market for a new house. The cost savings to the new builder are almost certainly attractive as is playing a vital role in raising your house from the earth and nurturing your future home from its inception to it completion.
However, new buyers in their rush to the property ladder world would relish at the relative ease at which they may find their homes compared to those prepared to slug it out, nail and tooth and more often than not with ever dwindling budgets. The costs of materials are never fixed for too long so it may be best to buy in bulk. Also, plots of land are becoming increasingly rare and as such prices are on the up and a person can expect to pay up to ten times more for a plot that has planning permission than one that hasn’t. Do your homework first by submitting a query to the Land Registry and for a few quid with an address or title number you can search for a detailed history and ownership of the property that includes information on the land, planning permission and rights of way.
Self builders can relax knowing that once their project is complete and certified their home will generate gains of 20-30%. A self build will enable someone to erect their what is malaysian wood furniture own home at cost price i.e. cost of land plus building materials and labour. In addition, savings are made on materials as new builds are not subject to VAT at 20%.
A ready built house may be an eyesore for self builders but for buyers it offers the complete package of land, location and property in one. To self build a person must be fairly patient as projects often take longer than expected and you must be good at multitasking in order to keep a schedule of builders and suppliers, but also to coordinate and liaise with site staff and inspectors. Buyers have the distinct advantage of knowing the cost of their home. Those who choose to build will have to be savvy with numbers and budgeting or else they may find themselves sheepishly at their banks door if they go over budget.
In short, there’s no real answer. In both cases big commitments are made, each with similar buyer will pay more commissions to third parties while the builder will run extra risks of possible overspending. The more experienced a builder the shrewder his decisions. For many though, it’s nothing more than an idea and a passion to self build that really counts.…