Buying a home off the shelf, or through a broker, comes with a high price tag. The average self-build costs around 25% less than a home that already exists. So, those extra two bedrooms may not be as out of reach as you think. You can also save a considerable amount if you are clever with your planning, buying, and building.
Self-builders need more money up front than conventional homebuyers. They usually have to buy their building plots and fund their planning applications before they can get loans.
Mortgages for self-builders tend to be interest-only. They work like an overdraft: the borrower pays interest when money is drawn down at the completion of each stage of the build.
Cheap fixed-rate loans tend not to be available during the building process and there can be hefty exit fees imposed on borrowers who change loans when the work is completed.
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