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Raising finance

What will it cost?

Everyone knows that when you buy a traditi onal home, you get a mortgage. But how do you go about financing a self-build, and how much will it cost when you factor in the land and the build?

This will be based on available savings, the likely profit from the sale of your existi ng home and what you can expect to raise on a mortgage. Traditi onally, around a third of the total has been devoted to purchasing a plot, with the remainder covering constructi on. At today’s land prices, 40-60 per cent is more likely to account for the plot, and in popular areas the percentage can rise even higher. Esti mati ng the build cost will depend on the house size, the form of constructi on, the complexity of the design, the materials selected, local labour rates and the specific conditi ons of the site such as poor ground conditi ons that demand specialist foundati ons.

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