Building Your Own House: What Are The Risks?

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The property market is a fickle one. It might take you ages to find a property that you deem even slightly suitable for your needs, and then it might be in completely the wrong location. After a while, you may become exasperated and start to wonder if your dream of finding that perfect home is nothing but a pipe dream. It is at this point where you might start thinking about potentially getting out of the property market and simply building your own home instead. This isn’t a common solution, as obviously, there is a lot of hard work involved, which isn’t for everyone. But if you are willing to dedicate time and money to the cause, it could end up actually working in your favor. Owning a house that you yourself built and designed means you hold a great financial asset, especially if that ownership covers land too. But as mentioned above, it isn’t for everyone. There are a lot of risks involved and you will need to be aware of them before you jump straight into such a huge project. Read on to find out more about the potential challenges a home build could pose you and how you can pull it off.


Ending up with a dangerous build



Being lead contractor on your own build saves you money and allows you greater flexibility. But, you do lose out on the expertise that a professional contractor can bring to the table. Going into building a house blindly is no joke, especially if you are going to sell the property on to another family. Structural issues, poorly wired electrics and plumbing can all affect how safe the house actually ends up being, so make sure you are educated on all of these things. Don’t be afraid to ask for help if you are unsure about a certain aspect of the build.



Struggling to sell the property


Before you even think about talking to your architect or going to view a plot of land, first consider your intentions with this new house. Is is a home you want to live in forever, or do you want the flexibility to sell it and move if possible? If the latter applies to you, don’t get too carried away with just building your own personal dream home. What works for you and your family may not work for another, so try and keep impartial throughout the project. When it comes to selling, you will need to access some House Condition Reports before you can put the property on the market, so make sure you have all your papers in order.


Having the project take over your life

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On a more personal level, building a property entirely from scratch can be stressful at the best of times – even more so when you are doing it yourself. Remember that there is more to you and your life than this project and that you deserve to take a break from it every now and again. Ensure that you have a strong support network of family and friends who will be there for you when it all gets a bit too much. Your property won’t come to life overnight, but it will be worth it in the end.

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