Hello, I am new to the site and looking to do my first self build. I have been interested in doing a self build for over 10 years but until now never had the funds, I am now in a position where I can purchase a small plot of land and hopefully complete my own first build. That said I have been looking into the costs and from the estimates for the build of the house I am struggling to prove it to be cost effective for what I am hoping to build and the area etc. So as a basic rule of thumb I have always been lead to believe that if all goes to plan the final value of the house should be 35% land cost 35% build cost with about 30% savings at the end. I appreciate this is a very simplistic way of looking at it and there are many factors that will affect this but overall if everything goes to plan there should be a decent saving.
I'm looking at a plot in the NW around Bolton, Asking price £40k, currently does not have PP but application has been submitted and looking at it I don't see why it wouldn't get approved. the idea of this build would be to build a family home that I could live in for a few years and build some equity then maybe do another build in a few years. The plans submitted are for a 2 story 50m2 footprint 3 bed detached so 100m2 overall. Going by the calculators and estimating on the lower quality, nothing too fancy about the design at £1400 per M2. That's coming out at a build cost of £140000, which seems very high for the value of the plot and also taking into consideration the area and the expected sale value upon completion. I also see other new builds in the area of a similar style, size and quality going for a lot less.
Is there any members on this site building a similar size home that could share there anticipated build costs or anyone that has completed a similar project in the past? I know the best way would be to contact a few builders and get some valuations but before I waste their time I'd like to get a general idea about costing the builds.
Thanks