Building Your Home could be the Key to Getting the Best Home for Your Money and Potential Profit

Sept. 13, 2011 - PRLog -- Building your own home is often dismissed by many people due to the amount of effort that has to be put in, but if you are prepared to dedicate your time to the project you are likely to have to dedicate less money to getting a new home.

Raymond Conner, who is a managing director of Buildstore, who provide support, materials and finance for people looking to build their own home said, ‘As a rule of thumb, one-third of the cost of a new home is land, one third is the building and one third is the developers profit.

‘If you can squeeze both the land and development, you can stretch your money further.’

Since 2008 the average plot price has dropped by 28% and there are more and more lenders willing to give mortgages to DIY builders, making building a house a great option.

“There are specialist self build mortgages available that will release money at various stages of the project, there are generally 5 – 7 stages and there will likely be an inspection by the lender after each stage before they give you additional funds,” said James Jones from Poor Credit Loans 4 You who specialise in home improvements loans.         http://www.poor-credit-loans-4-you.co.uk/poor-credit-home...

There are around 15,000 homes self built a year and this number has stayed around the same mark even through the recession and the housing crash, showing its popularity and plausibility during hard times.

Richard Barker, who oversees loans at Norwich & Peterborough building society, says: ‘The availability of plots has increased, but the tough economic climate has made it very difficult for some borrowers.

‘People like the idea of self-build, but then look at all the work and commitment that is involved and it does put a lot of them off.’

You must be careful when heading in to a self build project as if it is not planned thoroughly, it could end up taking up all your time and costing you more than anticipated, so make sure to research what you are going to do carefully, and stick to the budget that you have set for yourself.

“As long as there is not a drastic drop in house prices and everything is done correctly and to budget, there is a good chance you could make a decent profit on the property and you could also choose to live in it for a while then sell it on, potentially increasing profit even further,” said James Jones Poor Credit Loans 4 You.

You should involve lenders before finalising a self build project and Richard Barker said, “We like to review the plans to make sure we are comfortable it is a realistic proposition. You need to have a site and design in mind before coming to talk to us.

“Before starting a self build project you should make sure that you have insurance for the site, to cover both liability against accidents or injuries and to cover against theft of tools and materials etc, as thefts are extremely common on building sites,” said James Jones from Poor Credit Loans 4 You.           http://www.poor-credit-loans-4-you.co.uk/poor-credit-loan...

Insurance also covers damage that may be caused by natural weather conditions, such as storm damage and there were also a number of claims last winter where a roof caved in under the weight of snow. Insurance will cost about £600 for a £200,000 project for a typical 18-month build.

“A potential way of saving money when building your own home is to add some energy saving features to your home as there is certain schemes in place for some energy efficient features such as solar panels that although may add to the construction costs, will potentially save or even generate you money in the future,” said James Jones from Poor Credit Loans 4 You.          

Poor Credit Loans 4 You helps out people who fear they have been blacklisted because of past poor credit history which could include CCJ’s and defaults, arrears, late credit card payments or repossession.

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Or visit:    http://www.poor-credit-loans-4-you.co.uk/poor-credit-home...

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Notes for Editor:
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Poor Credit Loans 4 You holds a Consumer Credit Licence issued by the Office of Fair Trading.

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Poor Credit Loans 4 You is also registered with the Information Commissioner’s Office for Data Protection.

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