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Three out of five people would design and build dream home

More than three out of five people would consider designing, and building, their own home, says Norwich and Peterborough. 

In a recent survey, the building society also found that many people may be put off because they don&#39t think they could afford to do it.

Of those who completed the survey, 61% would definitely like to design and build their own home.  When they were asked if anything would put them off, 49% said affordability ,19% said finding a plot and 16% said their lack of experience.

A surprising 25% of people surveyed already live in their dream home.  Despite affordability being an issue, 60% of those surveyed would consider borrowing money to convert or renovate a property to live in. 

Those people who definitely would not design and build their own home, were asked why not &#45 38% said it would be too difficult and time consuming, 37% said they are happy where they currently live and 21% didn&#39t think they could afford it.

Self-building can offer many benefits over a traditional house purchase.  A self-build property can typically cost up to 30% less than its market valuation on completion.  Another important factor is individuality; self-builders can make their property unique and can build their home to their specific needs. 

N&P is taking part in The Eastern Homebuilding & Renovating Show, which takes place from 10am-4.30pm on July 4-5 at the East of England Showground in Peterborough.  The show provides everything needed for all stages of self-build, renovation or conversion projects.  N&P will promote the services it offers to help self-builders construct their dream home.  

 

Stephen Penlington, general manager at N&P, says:  “The self-build market has grown in recent years because people are looking for a cheaper way to afford the home they really want.  We offer help with budgeting and recommend that self-builders draw up a list of other costs to consider during the project, such as utility services and fees.

“With self-build mortgages, funds are released bit-by-bit in stages as the building works progress.  This way, self-builders are saving money by not paying interest on a larger mortgage than they really need.  We constantly look at how we can improve our service.  For instance, we will help self-builders to buy the plot in the first place – some lenders won&#39t.”

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