What I’ve learned from starting my own self-build project - Andrew Milnes
Six months ago, I wrote a column about the appeal of self-build projects and the importance of careful preparation before starting the process.
At the time, I was speaking from a professional perspective, helping clients navigate the funding and planning aspects.
Fast forward to today, and I’m now firmly in the middle of a self-build project myself - which has given me a whole new appreciation for just how important preparation really is.
Having a clear and realistic budget is absolutely essential, but just as important is accepting that those figures will almost certainly move. Construction costs have changed dramatically over the last few years.
The key is not just having Plan A, but also understanding what Plan B might look like. If costs rise by another £30,000 or £50,000, what does that mean in practice? Is it feasible to borrow more? What would the additional monthly costs look like? Could you make adjustments elsewhere in the build without compromising the overall vision?
Before you put a spade in the ground, you need to go through every possible scenario around costs and affordability so there are no nasty surprises.
Another thing that has become very clear is that self-build should primarily be about creating a home, not chasing profit. If this wasn’t a forever home, I probably wouldn’t be doing it myself. The reality is that self-build is no longer the straightforward profit-making exercise it may once have been.
Costs are higher, margins are tighter, and there are easier ways to make money in property. What self-build does offer, however, is the opportunity to create something completely personal.
Another major takeaway has been the sheer amount of specialist advice involved. Throughout this process, I’ve spoken to architects, planning consultants, engineers and even highway experts about details I would never previously have considered.
One recent example was discussing the size of the driveway and the turning circle needed for vehicle access. It’s not the sort of thing most people naturally think about when imagining their dream home, but it can have a significant impact on planning approval and site layout.
Surround yourself with experienced professionals who can guide you through areas you may never even have considered.
On the finance side specifically, self-build mortgages remain a specialist area. Rates are typically higher during the construction phase, as they’re structured differently from standard residential borrowing.
As always, speaking to a broker should be your first port of call if you’re considering going down the self-build route.
They can talk you through the financial aspects you’ll need to consider, help you understand the funding options available, and assess the long-term affordability of the project once your home is complete.
Self-build can absolutely be worth it in the long run, but the reality is that self-build projects are complicated, expensive, and full of unexpected twists.
The more preparation you do before that first shovel hits the ground, the smoother the journey is likely to be.
Andrew Milnes is head of the Mortgage Advice Bureau, Bingley, 01274 891312