A lot of investors look to property to make their money. Usually, at least for new investors, this usually involves buying old buildings that need a lot of work before resale or letting. By going down this route, you risk finding out about expensive problems or strict laws preventing progress, at any point in the project.
The materials required to build a house are relatively inexpensive. And if the build is planned well, you can minimize the costs of labor and the time it takes to complete the build. So, the real cost of buying a house is usually the land. But land value is also dictated by what stands on it. You’d likely find the difference in price between land with or without a building on it, is greater than the cost to actually build a house. This means that buying land and building the property yourself can be cheaper than buying a house and fixing it up.
You do have to be careful, though. In densely populated areas, it is weird to find free space for new buildings. It is worth researching to find out exactly why the land hasn’t been built on. You may find that the land isn’t strong enough for foundations, or that the local authorities have refused permission to build on the land. All of this information is free to access, though.
Build Your Own Home
Now you’ve got some land; you’ll need a house to occupy it. If you’re skilled already or handy with the drive to learn, you can accomplish much of the build yourself. You can hire an architect to design the building for you, using your ideas and requirements. Or you can design it yourself, but be aware that most places have strict laws in place to govern building standards. Your house will need to be inspected before you can live in it, and if it’s not up to code, then you’ll have more work to do.
A lot of a house build has to be done by professionals. Areas like this include the electrics and the plumbing. But with some research, you can figure out the very limits of what you’re allowed to do, and hire someone to finish the work off.
You’re going to need some help. It’s a good idea to get help from friends or family, but let them know that you might need a lot of help! The more people who help you; the more work you can get done for free or on the cheap. Just make sure to return the gesture when people ask you for help!
Have Someone Else Build For You
If you don’t think you’re up to the task of building your home, then you can look elsewhere. With a quick google search, you can find results for luxury homes by Glenvill, and more affordable housing from companies like Shelter-Kit. The companies have pre-designed houses that you can go and see, and also allow you to work with them to design something unique. And the best part is; you don’t have to touch a single tool!
So, with the housing market in constant flux, this might give you a few ideas. Always do your research and be extremely weary of legal restrictions and budget. Afterall, most house builds over run.