Top Five Reasons to Build Your Own Home in 2009!

Self builders are likely to build over 20% of new homes this year as big developers batten down the hatches and smaller developers go out of business. This means anyone thinking of building their own home has never had a better opportunity to build a property from scratch, or use timber frame kits to help create a bespoke home.Before the credit crunch, building your own home in the UK would have cost around £300,000, with the land costing around £150,000 and the rest spent on labour and materials. The property would then typically be worth around 30% more than the cost to build, so once built it would be worth around £390,000. Whereas now, costs of the land, labour and materials have all fallen, making self build a really good value option to buying an already built home.Here are the top five reasons to self build in 2009:1. Land prices have fallen by 15-50%As developers have cut down the number of properties they are building due to the credit crunch, it means there is less competition for buying land and smaller, local developers in particular are not buying land as they have in the past, so there are more plots available and there are less buyers competiting to purchase. So grab a land bargain!2. Builders, electricians and plumbers are readily available!Remember, trying to find a good builder or sub contractor in 2006 or 2007, it was almost impossible? However with the recession, many tradesmen have been laid off by big developers and are now free to work on residential projects.3. Bargain basement building materials:Due to the fall in property prices, demand for bricks, timber frame kits, tiles, cement, boilers and radiators has fallen so much that you can purchase materials for 25% or less than you would have had to pay during the ‘good times’.4. Timber frame kits:If you want a quick build, you can now buy or have a bespoke timber frame kit, which can allow your self build to be eco friendly and help to fix over 40% of your build costs.5. Secure instant equity in your new home!In 2009 most people are worried about buying a new home in case prices fall more and they end up in negative equity. However, as self build’s are typically worth 30% more than the cost of building, depending on what you build and how much you pay to build it, you are less likely to end up in negative equity than if you bought a new or second hand home.To find out more about self build visit our Develop and Build section and take a look at our eBook and factsheets. Do you have a property question you want an unbiased and independent answer to? Call us on 0845 838 1763.