Hi everyone,

I am about to move out of university and into a good graduate job this weekend. Excited to start and as a new base I have sorted out a rental property for my girlfriend and I.

For many years now I have wanted to build my first house however the harsh reality with finances means that I may have to rethink.

My question is this: Am I better to stay in the rental property for 3/4 years and save up for the self build costs or am i better getting out of rental as soon as possible in say 1 years time and putting a deposit on a smaller house?

Once I have put that deposit down all my savings will be gone and I will have to start saving again which will take longer to get the deposit required for a self build mortgage etc. If I had a house though, would this be more favourable with mortgage lenders and would I be able to release equity to fund the build sooner?

Any advice or experience appreciated as want to get building asap!


  • Rebecca Clutton

    Hi Richard

    I don’t think there’s a right ro wrong answer to your question but well done to you for having the motivation to get going as soon as you can!

    From personal experience of buying a house when I was 18, this put me in MUCH better stead for the future than it would have done had I rented. My other half and I stretched ourselves to the limit to afford our first house, did the same 4 years later when we moved and are now in the very lucky position of having £200k equity in our house which is being released to start a self build. I would add that we seemed to time the housing market very well. purely by chance/luck, whatever you’d call it.

    My advice would be, buy as soon as you can afford it. Not saying that’s the right advice, but it worked for me.

    Good luck


  • Richard Mitchell

    Thanks for your response Becky.

    It’s great to hear that option has worked for you as it is probably my most favoured route. Hate the idea of renting and all the extra costs involved. I am about to qualify as a Building Surveyor so all the extra costs for inventories and contracts annoy me at £50 here and £60 there when im sure I could do the same job myself but hey!

    I know its not going to be as easy for me to get on the ladder with things changing as you mentioned which is the reason for the question. Want to get a plan in place now as if not its going to make it even harder for me to get started!

    Good luck with your project! Hopefully one day il be in the same exciting position!


  • Anonymous

    If you are sensible, don’t waste money and don’t go over your means I cannot see you losing out in property no matter what you do.

    Only thing I would say is building on a budget (as a self builder) and doing all the work/management your self is very very hard work (that’s why only 0.001% of the population do it and take that route per year!). It requires complete sacrifice, take all your time, and will test any relationship. If that’s not for you then just buy a house or wait til you can afford for someone else to build for you as it’s much less stressful. Just don’t try doing it all yourself if you have any thoughts that its easy or as simple as they show on tv. It’s not rocket science but a lot can go wrong and if you have a small budget it can very easily go wrong. Either way though, self-building (whatever route within that you take) is the best thing you can do with your money!

    All the best


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