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 Category :: Awards |
Author :: Victoria Selman  |
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| Article Title :: The Growing Popularity of Self Builds |
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Self builds offer people the chance to obtain their dream home
at a reasonably affordable price. As a result, more and more
people are turning away from property development in favour of
pursuing self build projects.
The new trend in self builds is a direct result of rising
property prices and housing supply shortages. Indeed, there has
been a huge decline in commercial house building since the
1970s, which the government has tried to resolve by setting a
target of 3.8 million new homes by 2021.
Many people are addressing this problem by deciding to build
their own houses rather than relying on what is available on the
existing market.
There are a number of advantages of self builds. Lower costs and
higher quality are amongst the key benefits. On average, people
who self build save between 20 and 30% of the house price.
Furthermore, self build houses are generally of a much higher
specification and are constructed with better quality building
materials than existing properties.
On top of this, you do not need to pay VAT on self builds. This
is also the case if you are converting a non-residential
property, such as a barn, into a home. These VAT savings can add
up significantly when you consider all of the fixtures and
fittings you can claim VAT back on. Furthermore, landscaping for
new buildings is also zero-rated for VAT, so long as it is done
at the same time as the main build.
The rules are a little complex, however. Therefore do make sure
you read them carefully or get an accountant to explain them to
you.
Self builds can be both financially and personally rewarding so
that at the end of a project you are left with more money in
your pocket and your dream home to live in.
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