 hikes its base rate time and again . That's making it harder for first-time buyers to get their leg up on to the property ladder. But you can always try and save some money by building your own home. Of course, you'll have to factor in the stress, extra work and any hidden costs involved in the process. Here's everything you need to know. It costs between £1,800 and £3,000 per square meter when it comes to building a home. The average UK property (a three-bedroom house) measures 800sq ft or 74sq meters, so a self-build would in theory set you back between £133,000 and £222,000. You will also need to put aside an extra 15% to pay for engineers, architects and any other professionals needed. It's a good idea to also put an extra 10% on top of that to cover any unexpected costs which are bound to arise. Self-builders should also take into account fees which include planning applications , lawyers, demolition and self-build insurance. A planning application will be £334 for a new home if it is approved immediately, but can run into thousands if there are appeals or council pushback. Site surveys and reports from structural engineers can be £500 a pop, while self-build insurance is approximately 1% of total costs. The final bill for demolishing or clearing the site can run into the thousands. To purchase somewhere to build, you also have to pay Stamp Duty Land Tax on land worth over a certain price. In England or Northern Ireland, the current threshold for residential land tax is £250,000. You also need to consider construction costs . The superstructure - which includes the roof){kind=link}
BUYING a home has become an expensive ask, but you could save yourself some cash by building your own.
House prices have come off the boil in recent months but remain high in historic terms.
Meanwhile, mortgage rates have soared as the Bank of England (BoE) hikes its base rate time and again.
That’s making it harder for first-time buyers to get their leg up on to the property ladder.
But you can always try and save some money by building your own home.