Building in SW London

[cian]

Hi all,

 

I'm very new to this process. I'm looking to buy and build in SW London (or vicinity) over the next two years. This will allow us to (hopefully) find land and sell other properties to fund.

 

Self-build is much more popular in Ireland, where I've lived in the past, and I'll draw on the experiences of friends and family, but very keen to get the shared wealth of knowledge that I expect this board contains. Very well it will be a long journey of learning, so looking forward to engaging with you all.

 

 

[Tony C]

Good luck with your journey!

I guess the most difficult part is actually finding the plot in London. I have managed to purchase a collection of disused garages site I spotted on google map. It did take about a year to convince the owner to sell it to us through.

[cian]

Thanks! I’ve registered with Richmond and Kingston councils for land purchase. I’m hopeful (!) that the recent government report will create an impetus. 

[Gus Potter]

 

@cian It depends on what you want to do. Are you having to move to London due to say work or do you just want to chase the dragon of making money on property.

 

Unless you have some serious funds behind you, local London contacts it could be a tough ride if you go at it the wrong way. You are really are entering the den when you play with the London boys / girls / etc ! There are a few folk on BH who have London experience.. I think!

 

However, if you take a pragmatic view it can be great fun and rewarding.

 

Cian. Maybe get some experience of self building / renovating a flat not in London if you can. Turn a profit on that before you stake the big bucks. Prove to yourself that you can develop something off your own back, turn a profit without relying on rising proprety values. That is the test! Do that, gain experience and you are on your way.

 

It's also about the contacts you make. Build trust with a few trades folk, pay on time, they will return the favour..take you seriously.. introduce you to their contacts such as.. Plumbers, Sparks. the skip hire folk.. Once you get a network like this in place and have worked at it then you can look at the next stage with less risk of losing your shirt.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Ferdinand]

On 02/09/2021 at 09:34, cian said:

Hi all,

 

I'm very new to this process. I'm looking to buy and build in SW London (or vicinity) over the next two years. This will allow us to (hopefully) find land and sell other properties to fund.

 

Self-build is much more popular in Ireland, where I've lived in the past, and I'll draw on the experiences of friends and family, but very keen to get the shared wealth of knowledge that I expect this board contains. Very well it will be a long journey of learning, so looking forward to engaging with you all.

 

 

 

Welcome.

 

Seriously playing the self-build game in London is likely to mean capital / finance needs of *at least* 750k to a million in due course, depending on how good you are at it, and if you find windfalls or can be creative.

 

Buying and improving can be better, as the market moves quickly sometimes and there are loads of people speculating to get richer off the tax breaks on their own house value, and an unstable market. 

 

You are a little out of London, so it may help for you to look further out or buy a wreck and look to replace with a newbuild later. Transport from some way out of London is quite good - especially look at places with travel by overground rail. 

 

One hint: look outside the London boundary, as two of the last three Mayors have been as mad as hatters (not telling which ?), and at some stage anyone inside the boundary but outside the centre will get financially heavily spanked.  I have family 400m outside, and they thank their lucky stars several times a year.

 

At present new people who live in the CC zone no longer get a 90% residential discount, so it costs £15 a day to drive at all except for exemptions. Electric cars stop being exempt in 2025. Currently there are conversations about extending charging quite some way. Far easier to raise charges rather than address costs.

 

F

[cian]

Thanks for both your messages - very helpful. I own two properties in London, which I will eventually sell to fund this - I will probably be looking to stump up in the region of 750-1000k down and our mortgage availability would double that and more. 
 

I’m not in it for profit - this is to build a dream home. The types of homes even at that price point in the areas we are looking at are not dream homes! The advice on outside the London boundary is great - fully taken on board. 

 

Im well aware of the immense challenge in this. It’ll be a two year period of diligence, including calling on the various contacts that I have. 

[saveasteading]

On 02/09/2021 at 09:34, cian said:

 

I'm very new to this process

I agree with everything above.

Can you tell us what experience you have?

 

There are properties that are too horrible for most people to live in, but won't make enough money for a builder. 

If you can put up with living in the squalor, putting in most of the hard graft yourself, then staying in that house, then you can make something.

Always remember that there will be some horrible surprises, and probably no good ones. Also that , if this is completely new to you, you don't yet know the regulations.

[Ferdinand]

If you have that level of capital available, then consider gobbling a bungalow, or getting something with a chunky garden - which are still available in London if you navigate the system. There are lots of historic ambiguities that create nooks and corners.

 

The "hypoallergenic" house on Grand Designs was built on such a plot in Richmond. Quarter acre Plot with PP cost 675k about 10 years ago. 

https://www.granddesignsmagazine.com/grand-designs-houses/grand-designs-healthy-house/

 

There are quite a lot of other infills in London in GD.

 

 

[cian]

With regards to experience - zero. I will be utilising contacts and employing professionals, but am very aware of the extent of the learning that I need to undertake. 
 

I would rent while I build as well. 
 

thanks both for the advice. Again very helpful considerations.