Could buying land with planning permission be the way to build your dream home?
The perfect home is the ideal for every buyer. However, no matter how hard you search or how flexible your budget, you may still never find it. The right location, a south facing garden, room for extensions or land for chickens – whatever it is that makes up your dream property, if you can’t find it on the market then buying land with planning permission could be the perfect solution.
The self build solution
The National Self Build Association says that there are already a million people in the UK who have begun the planning process for self build. Another 6 million want to follow in those same footsteps. Whether inspired by TV shows like Grand Designs, or simply looking for an effective way to build a tailor made home for a family, self build is an increasingly appealing option – and all you need to buy is land with planning permission.
Why does self build appeal?
- There government is supportive for those who want to self build – in 2011, a £30m fund was launched to boost the sector
- You won’t inherit previous owner’s problems, whether that’s lack of space, heating inefficiency or structural issues
- The design will be all yours
- You can work to your own specifications e.g. an energy efficient home
How to build your dream home
- Find a plot. Estate agents, architects, auction houses, online property sites and local listings can all be a good source of information on land that is currently available. If you choose to work with a developer or group scheme then sourcing the land may be done for you, as well as obtaining planning permission.
- Self build mortgages. These are not quite as straightforward as your average mortgage and not offered as widely. Building societies tend to be a great option for those seeking finance to self build (for example, Leeds Building Society or Saffron Building Society both offer self build mortgages). To get a self build mortgage you will need to have planning permission in place, as well as detailed plans and cost projections. With this type of mortgage, the cash is released at different stages during the project, as opposed to in one payment.
How does the cost of self build stack up?
Building your dream home from a purchase of land and planning permission may not be one of the simplest ways to buy but it could be one of the cheapest. The average self build project costs roughly £255,543 according to Lloyds Banking Group. However, estimated costs can vary broadly depending on the project. If you’re able to do a lot of the work yourself, or get discounts from friends or family in the business, then you can keep costs down. The most successful and cost effective projects are those where costs are tightly controlled and not allowed to escalate.
If you’re looking for land on which to build your dream home we can help. Contact our team for details of what’s available, or take a look at this plot with planning permission and 26 acres of land in Surrey, this site for 2 houses or this modern and unique plot with planning permission for a 5 bedroom house set within 71 acres of land.