For many, self-build projects are funded with a self-build mortgage, which is different to a traditional mortgage in the sense that it is released in stages. However, for those who are lucky enough to have high levels of equity or invest their lifetime savings, some are able to fund their homes without needing to look at borrowing options. Self-funding a self-build project is growing in popularity amongst those looking to build for their future and their retirement. But regardless of what stage of life you’re at, our latest blog explores how building your forever home can be a practical investment.

A long-term investment

Did you know that self-building your home is more cost-effective than buying a new property from the housing market? Recent figures from the National Custom and Self-Build Association (NaCSBA) show you can save 20%-40% on a self-build project in comparison to a property purchase. Furthermore, a completed self-build home is typically worth an average of £500,000 more than the cost of the building process.

In short, benefits of self-funding your self-build project include not only investing your savings to create a property that meets the needs of your future, but also wisely investing your assets to increase their value, subject to the conditions of the property market.

Choose rightsizing

As some people approach retirement, feelings of an ‘empty nest’ as children move to live elsewhere, or the need to release equity, leads to many homeowners feeling pressured to downsize. For those self-builders in a stage of life where a smaller home is more practical, downsizing whilst self-building doesn’t mean downgrading. The main benefit of a self-build is choice; a choice to meet current and future needs and also factor in dream features.

But in many cases, downsizing through buying a smaller pre-built home on the market isn’t always the best solution to the changes of life that retirement brings. In fact, it may be more costly. That’s why we encourage self-builders to adopt a rightsizing approach to enjoy the flexibility that self-building brings. As self-building is often comparatively less expensive, those who use this approach no longer feel obligated to accept smaller living quarters if they don’t want to. Our advice to self-building retirees is the same advice we give to self-builders at all stages of life: build the home that meets your objectives for now, but also consider your future too.

So whether that’s cantilevered balconies and curved staircases to making sure there’s ample room for when the grandchildren come to stay, we have extensive experience in building homes that practically meet the needs of clients whilst creating dream ‘forever’ homes.

Check out our latest case study, The Cedar House. This is a great example of how self-builders Suzanne and Steve balanced practicality and the wow factor while building their new home.

Building for the future

A self-built timber frame home is one for the future. Not only are you able to consider your upcoming needs as an individual or a family, but you’re looking after the future of the planet too. Our fabric first timber frame solutions offer optimum thermal performance to save energy, reduce carbon footprint and lower the cost of energy bills throughout the lifetime of the home. This means that self-builders can have a sizeable home that runs at a lower cost than if they had bought a pre-built property they found on the market.

Frame Technologies’ TechVantage™ systems offer three fantastic technology options. It’s entirely possible to have a breathable timber frame along with natural insulations while still achieving low U-values. Find out more about our TechVantage™ systems here.

Make the most of your financial assets

When preparing your finances for a self-build project, it’s important to make the most of your savings. Depending on your pension provider, you may be eligible for tax-free lump sums from your pension pot. If you’re opting to use long-term savings from other sources, make sure that they are benefiting from the best rates and are readily accessible throughout the project.

Alternatively, if you own your current home outright, you may want to consider an equity release scheme as a means of releasing funds. These funds could be used to release finances to assist with purchasing a plot of land or release funds as needed throughout the project. Even with a substantial amount of savings readily available, loans and mortgages can be useful for ensuring good cash flow, such as a bridging loan.

We recommend getting in touch with BuildStore. Their experts are able to provide advice tailored to suit your circumstances and intended project.

Watch our video from BuildStore’s Tom McSherry on the benefits of considering your budget as early in your build journey as possible.

How much will a self-build house cost?

Every home is different and built to meet the different objectives of the homeowners, so it’s difficult to provide a universal sum for self-building.

As you plan your project, it’s important to prioritise essential elements that will help you meet your personal targets. Considering your budget as early on in the design process as possible will ensure that you are less likely to require further funds down the line. At Frame Technologies, we’re well-versed in designing homes that not only meet self-builders’ key objectives, but also stick to the budget. We’re always on hand for expert advice and a friendly chat throughout your project.

Get in touch

At Frame Technologies we have expertise in helping self-builders realise their dreams no matter what stage they’re at in their self-build journey. Email Simon Orrells on to find out more about building your dream forever home.