Intro - Self-Build Plan 6 Year Goal

[Visioner101]

Hope everyone is doing well!!

 

So, currently at 20 years of age, I've got a quite a few big ambitions in life. One of which is commencing a self-build project. 

 

I wanted some advice on what to expect, time length, the feasibility costs and if my plan would work. My project is quite large so any advice in any area would be much appreciated! 

 

I've attached a few pictures which would give a general idea of the type of "house" I'd like to build. After much in-depth research, a land with size between 6 -10 acres would be quite suitable.

 

Current requirements:

1) 1/4 Mile driveway

2) 7 Bedrooms, 5 Bathrooms 

3) 2 receptions

4) Library 

5) 2 office rooms

6) Indoor Swimming pool/ Sauna etc.

7) Underground + Outdoor garage

8) Polo arena 

9) 2 Acres Fishery 

 

Cost of project

Land in Surrey/Berkshire/West Sussex :

7 acres approx. £250k - £450k

Cost of House £650k - £800k? We do have a close friend who is an excellent property developer from scratch. 

Materials £120k?

Swimming pool £100k? Foundations would have been laid before constructing house so would be cheaper?

Landscaping £30k

Per Acre of fishery £30k (x2) = £60k

Underground garage £100k

Driveway £20k

Bathroom, Kitchen, and all fixtures £60k

All legal work £10k

Architect £15k

Misc £100k 

Total: £1.5m - 1.9m???

For the pictures provided, it looks awfully cheap (relative move from London aha) 

Do let me know me if I've missed out anything else. 

 

About me:

Finishing university, hopefully with a prospective career in fund management. I have also started a side business currently pitching for seed funding. 

 

Funding:

Age 26 Estimated Annual income: Career (£130k - £200k in a Tier 1 Bank) + Business (£60 - £80k) = £170k - £280k 

+ 97% Probability of my relationship evolving to marriage, her income would be between.                = £65 - £100k

Deposit: £700k [(Selling the family home (Adjusted for inflation) + from all savings)]

 

House income:

I do play a fair bit of Polo so I have a general idea of how to take care. I have seen a few homes for sale with fishery included where revenue is approx. £150k and yearly costs of £50k.  

 

These projected net incomes are of course, another 2-5 years after build. 

Polo arena - Conservative Net profit around £30k

2 Acres Fishery - Conservative net profit around £40k

 

I really do appreciate any help! 

 

 

Edited January 17, 2021 by Visioner101
removal of emoji

[ToughButterCup]

Welcome Young-Un.   

Lend us a fiver will ya? Should get mine finished for that . Thanks in anticipation.

[Iceverge]

I laud your high ambitions but I think your budget is a long way short. 

 

The property market whilst not perfect currently offers nothing you're looking for less than about £10m. Despite ideas of self building being a shortcut to cheap luxury in reality you'll only ever save money by offering your own free time. On a project of this scale that contribution would be negligible.

 

As a combined house build and business venture, financing it via traditional methods would be incredibly complex and perhaps not possible. 

 

That said these properties do exist so someone must be able to fit the jigsaw pieces together. Why not you. 

 

1 hour ago, Visioner101 said:

97% Probability of my relationship evolving to marriage,

This intrigues me. If you can make this sort of prediction commercial you'll be able to build a dozen such houses! 

[the_r_sole]

7 bedrooms and 5 bathrooms? At 20?! 

Amazing, good luck 

[ProDave]

Nice to see someone with ambition.  I hope you achieve what you want.  I suspect your house is going to cost more than I have earned in a lifetime.

[Thedreamer]

Your going to have a heck of a lot of work to do whilst working in a highly paid/stressful job. 

 

If I was you I would do a series of self builds (looking for bargain plots and keeping the build on budget and marketable), hopefully obtaining equity and learning about what would work as you go along.

 

A more tax efficient way of doing it as well.

 

Good luck to you.

[Jilly]

 

It's great to see enthusiasm and ambition, but I think you might need to cultivate perseverance and add an extra decade or two before you achieve your all goals. When I was your age, someone laughed when I told them mine, and the fury that provoked internally drove me for the next 10 years until I proved myself and achieved it.

 

Ponder what motivates you and why.

 

Beware of being grandiose, being rich isn't all about money. 

 

You need to allow a lot more for materials with that shopping list.

 

You would be able to save an awful lot on land costs to move away from the home counties. A regular garage is much cheaper and easier to build than an underground one, they're only common in London because there's no spare land, you're aiming to have plenty.  

[jack]

This would have been a more convincing attempt at trolling if you'd toned it down a bit.

[TonyT]

Only 97% chance of marriage, come on man. Those are poor stats.

 

 

 

 

Edited January 17, 2021 by TonyT

[ToughButterCup]

Oh by the way,  if you leave those car doors open for any length of time,  the batteries will run flat. Jus' saying....

[Thorfun]

is this @pocster's new account?

[Pocster]

15 minutes ago, Thorfun said:

is this @pocster's new account?

They say I’m a dreamer and apparently I’m not the only one !!!

Those guesstimates at costing ????

Ambition fine . Gumption fine . Persistent fine .

 

Delusional- not fine .

 

A path to your achievement is what you need ; not a dream . The goals the easy bit . 

[Gus Potter]

Hello @Visioner101 and any parents out there with kids applying for jobs? Interesting post, enjoyed looking at the photos.

 

Here are a few of my own thoughts for anyone that is at uni and has the self build dream.

 

We know that often the first step is to get a job after you leave uni.. most folk need to borrow money.. no job..often no lending unless it's Mum and Dad...?

 

Visioner.. if you want to go into fund management say then you'll stand a better chance of getting the job you want if you can get a good handle on the mechanics of cost  vs return - call that profit and loss.

 

For all. If you are willing to spend a bit of time you could build quite a nice supporting document to support a cv that demonstrates that you have an understanding of the actual mechanics of property development / house self building financing on a small scale, small contracts,  the pitfalls and so on. All though this may sound miles off track from high finance it can demonstrate to a prospective employer that this individual has potential as they are able to analyse a particular market, understand it and make rational decisions / recommendations.

 

For all (parents) and including Visioner. BH is a fantastic resource and really, all the answers / info are here that could make a job application stand out, you just need to spend some time reading and learning. 

 

I make a living in the construction industry and would always welcome a cv supported by a document that demonstrates that a young candidate has gone the extra mile and is seriously interested in their chosen path. For any parent reading this, it does not have to be technically correct. What is does require is to demonstrate that some effort has been put into the document and to a small extent some logic and critical thinking has been applied.

 

An employer that disregards such a supporting document is probably not worth working for anyway.

 

All the best to Visioner and first time builders.

 

 

 

 

 

 

 

 

 

 

[ToughButterCup]

10 hours ago, Gus Potter said:

..., it does not have to be technically correct. What is does require is to demonstrate that some effort has been put into the document and to a small extent some logic and critical thinking has been applied....

 

A universal truth. Well said Gus.

 

Effort is appealing. And self building requires it in spades.

[SteamyTea]

17 hours ago, Visioner101 said:

business currently pitching for seed funding

I have some ideas that need financing, send me the forms to fill in.

 

I hope @epsilonGreedy does not read this post.

He is convinced that all youngsters are going to have to work for nothing just to pay for government borrowings.  And live in a carboard box, shoeless, and probably no shirt on their backs.