Each self-build project will vary, and planning is key. As well as the cost of purchasing the land and obtaining the required planning permission there are several other costs to consider:
- An architect to produce the relevant drawings and specifications
- Project management costs if you are not planning to do this yourself
- Applicable survey or associated fees
- Costs to hire a builder and any other required trades
- Solicitors fees
- Any fees to your lender or mortgage adviser
- Stamp Duty costs, although you may only need to pay this on the value of the land you purchased
- Relevant insurance costs (you may be required to have specific insurance in place before the build)
- Purchasing of fixtures, fittings and furniture
Plus it is always good to have a contingency fund should you need it. This is why speaking to a mortgage adviser early is key to understanding how much finance could be available to you.