SBH02_38-47 3/19/09 12:18 PM Page 47
Building Your Own Home
Has Never Made More Sense
savings is undoubtedly attractive, many
potential selfbuilders continue to be anxious
over the practicalities of such a project.
The very name selfbuild is slightly misleading,
as the majority of people choose to oversee the
project, selecting from one of the four main
options available to them which will suit their own
circumstances best. They can elect to have a
builder carry out the entire project on a turnkey
basis, project manage themselves, contract in a
third party project manager or in rare instances,
organise and carry out the works themselves.
Certainly there is no need for customers to
be worried about their own abilities when it
comes to the
practicalities of designing
and building their home.
Selfbuilders come from
all walks of life and range
from single people to
couples, families and
those looking to retire in
gainst today’s backdrop of and there are comfort, and most
A
tumbling house prices and excellent guidance actually prefer to take a
restricted mortgage funding, notes and forms to back seat for the majority
there has never been a better time download from of their project.
to build your own home. the HMCE Whatever they decide,
The self-build sector across the UK is taking full website, specifically designed for selfbuilders. timber frame construction is by far and away the
advantage of the current property market The VAT paid is refunded and could run to most popular choice for selfbuilders in Scotland
uncertainty and negative sentiment by making the many thousands of pounds in all but the and this is quickly becoming mirrored across the
most of the numerous benefits which can be smallest of projects. rest of the UK. Timber frame companies who
gained in the present climate, over and above In the current climate there is understandably specialise in providing complete timber frame
those already on offer. a lot of consternation amongst home owners packages can support the customer with a “one
One of the big challenges for people building over the value of their property, and those stop shop” thereby making life a whole lot easier
their own home in recent years has been looking to move up the ladder are nervous for those setting out to build their own home.
finding the right piece of land, in the right about buying into what is currently a Customers can select from a vast array of
location and at the right price. The evidence at depreciating asset, in most parts of the country. standard designs for their new home, which can
present shows this is becoming less of an issue, However, in the selfbuild market, the completed then be customised to suit their own lifestyle or,
with many builders and developers actively property is normally valued at between 20% as many selfbuilders do, they can consult with
selling off ground and plots, in many cases at and 30% more than the total build cost, an architect to prepare a bespoke design which
substantial discounts, in order to recover much including the cost of the land. This means is unique to them. Also, as part of the timber
needed corporate revenue to ensure their selfbuilders are investing in an appreciating frame package offered by companies, the
stability during this difficult trading period. asset and immediately create substantial equity customer can tailor the design and “feel” of their
The consequences of this are that the market in their property which will both protect and home by selecting from a huge range of doors,
has, to some extent, moved in favour of the serve them well in the future. windows, stairs, skirtings and internal finishes.
buyer and those individuals looking to purchase Mortgage lenders are well aware of the Manufacturers will also work closely with the
land to build on, are now finding it more likely extra security this cushion provides and even customer and their builder or agents on
they will not just obtain their preferred plot, but in the present climate specifically designed technical and production matters to ensure the
also at a more attractive price. selfbuild mortgages are readily available for building complies fully with current building
The majority of selfbuilders will also avoid borrowers, providing for up to 95% of the land regulations. This is especially important where
paying Stamp Duty as the tax is only levied on value and build costs. This type of mortgage the energy efficiency and thermal engineering
the cost of the land and not the value of the is also structured such that the customer can of the structure is concerned and companies
completed property. As such a great many remain in their own home for the entire are authorised to issue the now statutory Energy
plots will fall under the £175,000 threshold, after duration of the project. Performance Certificate (EPC) for the building.
which between 1% and 4% is levied depending The present environment in the construction Taking into account the healthy savings
on the purchase price. This is a far cry from the sector also means that selfbuilders are seeing which can be found on land and build costs at
mainstream property market where the two prices move in their favour when it comes to present, together with highly sophisticated
higher tax bands have become an unpleasant building and labour costs. In the face of stiffer services offered by timber frame package
but everyday reality for a lot of buyers. competition, tradesmen are having to price companies, there has never been a better time
Another unpleasant tax which those building themselves more keenly to attract business and for people to build their own home.
their own home will avoid is VAT. All of the VAT this will further help drive down the overall costs
charged on the project can be claimed back of a self build project. Although the lure of such
By Peter Hall, Scotframe
247
See inside back cover for Reader Enquiry Card or go online: www.sbhonline.eu
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