Plot buying and self build

[kjacko]

Hi all,
Admins please move if this isn’t the most appropriate forum.
So, i have a house that i rent out in Nottingham and want to sell it and buy something in Cornwall that we can rent out until we retire. May as well let someone wind down my mortgage for me on the coast than the East Midlands, right?

I’m trying to gather advice and info on buying a plot of land and then self-building.
I’ve no idea how much a property could/would cost to build, so i need to start somewhere.
If we bought a house then i’d Sell my rental property and expect to have about a £70k deposit.
From what i’ve gathered gestimates are approx £1k sqm?
Advice from people who have done this would be most appreciated.

Many thanks.

 

[Notch7]

Hi all,
Admins please move if this isn’t the most appropriate forum.
So, i have a house that i rent out in Nottingham and want to sell it and buy something in Cornwall that we can rent out until we retire. May as well let someone wind down my mortgage for me on the coast than the East Midlands, right?

I’m trying to gather advice and info on buying a plot of land and then self-building.
I’ve no idea how much a property could/would cost to build, so i need to start somewhere.
If we bought a house then i’d Sell my rental property and expect to have about a £70k deposit.
From what i’ve gathered gestimates are approx £1k sqm?
Advice from people who have done this would be most appreciated.

Many thanks.

Im cynical, developers 'somehow' get to hear of plots before estate agents advertise them. Finding decent plots at sensible prices is therefore not so easy.

Maybe thats not so true in Cornwall.

Dont forget CIL levy, if that operates in the West.

Bat surveys.......

 

[Nakajo]

I expect that a thorough answer to this question would be roughly the length of a book.

 

[kjacko]

Indeed, but i’m really just starting out with my research so advice on where to look, go, what pitfalls those who have done it have experienced etc?
For instance i’d Love to hear from people who have bought a plot of land that had PP, but not for the dwelling they want, so they’ve reapplied for PP on a different design.....and got it, or were actually turned down and what they did about it.
Stories, experiences please

 

[bernardgreen]

In 1979 we bought a plot of land and self-built ( DIY ) a timber framed house designed by archited Walter Segal. True self build ( as apposed to self management of tradesmen ) is very rewarding.

IFinding decent plots at sensible prices is therefore not so easy.

Developers do get to know about plots but they are not that interested in single plots or plots on which it will be difficult to build a profit making house. The Segal method creates a light weight building that requires only pile foundations. Hence the Segal method of building is ideal for difficult plots that developers will not consider. Some have been built on very steep slopes. Most have flat roofs for economy but ptiched roofs are possible.

The plot we bought had outline PP for a stone bungalow. We applied for and obtained PP for this house without too much of a problem.

 

[bernardgreen]

The AJ artical about the Segal can be read HERE

It has been said about the Segal Method.... " It is an attitude of mind rather than a system of construction. "

We sold the house without any problems when our circumstances changed.

 

[^woody^]

The land is the biggest cost, sometimes more than the building cost. Getting services to the plot can be significant, and then professional fees can add 15% to the total costs. Plus regional variations, and specific design criteria ( eg radon in Cornwall) which can eat into budgets.

So you don't just start at the ubiquitous £1k /m2 (which btw, is for a garage extension in Barnsley) as that is just a fraction of the total costs.

Start studying the process first, before considering the costs.

 

[Leofric]

'In 1979 we bought a plot of land and self-built ( DIY ) a timber framed house designed by archited Walter Segal. True self build ( as apposed to self management of tradesmen ) is very rewarding.' - so did you actually build this yourself rather than just doing the 'contract management' on the project ?

 

[Leofric]

'Indeed, but i’m really just starting out with my research so advice on where to look, go, what pitfalls those who have done it have experienced etc?
For instance i’d Love to hear from people who have bought a plot of land that had PP, but not for the dwelling they want, so they’ve reapplied for PP on a different design.....and got it, or were actually turned down and what they did about it.
Stories, experiences please ' - those sort of examples would not be that much help ,it depends on the plot . You will need an architect or architectural designer to design a house for your particular plot. Asking on here what to do when planning permission is refused is just inviting the ' appeal against the decision' comment , which isn't necessarily the best advice.
When you say 'self building', do you know anything about building ?
Find a suitable plot and then seek advice from a local architectural firm on what to do next would be my suggestion. Of course finding a suitable plot is easier said than done and if it already has planning permission for a dwelling it will be worth more than a plot without.

 

[Brigade77]

Let's cut out all the bullshit & get down to the real nitty gritty.

You're looking to make £money on a speculative developement aren't you.

Stick with the off the shelf B-T-L model. If you get out before the crash & don't lose too much £money then you can just buy a property in Cornwell when you retires.

Self builds are for TV.

 

[bernardgreen]

so did you actually build this yourself rather than just doing the 'contract management' on the project ?

We did everything except for the brick built chimney and the felt, battens and slates on the roof.

 

[Mottie]

So, i have a house that i rent out in Nottingham and want to sell it and buy something in Cornwall

Can you buy a house in Cornwall for what you can sell one for in Nottingham that will bring the same revenue in?

 

[kjacko]

Can you buy a house in Cornwall for what you can sell one for in Nottingham that will bring the same revenue in?

The areas we looked at are higher priced than my current rental house is worth. That’s not a problem as I knew i’d Be spending more.
However, having spoken to someone the other week who coincidentally had bought a house in the same area of Cornwall last year and lets it out to pay off his mortgage until his family move down there (exactly what we want to do).
His is a new build and its fully booked up each week for a year.
So, i’m hoping that whether i buy or self-build if i can get the right holiday-let mortgage then we should be able to afford more and still have it paid off by the time we retire.
Only really entertaining self-build so that we can retire in exactly the house we want.

 

[Brigade77]

Many folk won't fly away on holiday, Mrs Dork being one of 'em. Many years ago we discovered the joys of cottage holidays & thought it such a good idea we invested in a few of our own. You can make £££'s if you buy right but staffing for the changeover can be a ballache.

 

[Mottie]

Can you buy a house in Cornwall for what you can sell one for in Nottingham that will bring the same revenue in?

However, having spoken to someone the other week who coincidentally had bought a house in the same area of Cornwall last year and lets it out to pay off his mortgage until his family move down there (exactly what we want to do).
His is a new build and its fully booked up each week for a year.

Ah, I see. Holiday let’s. I thought it was just a standard rental. You’d get more in a peak week than you would in a month under 'normal' letting. As said though, you’re a long way from home so finding someone for a reasonable price to sort out the changeover/cleaning/minor repairs without ripping you off could be aggro.