Custom Home Build continues to get the support it deserves from numerous organisations, funders and commentators at the moment and financial support for self-build groups being provided by the government is helping to kickstart a number of projects. These early adopters will get to explore all the ways that building a home for your family can be so uniquely challenging from not only a construction and financial point of view but a personal and emotional one as well. We hope to be starting work shortly with the seven residents fortunate enough to take part in the first Custom Home Build site in Stoke on Trent, having recently achieved outline planning approval in Penkhull for the first of what the council hope will be several sites across the city.
We’ve had two evening events (launch event in Stoke on Trent shown on the left) to meet the potential investors so far, along with the team from Buildstore who are offering financial and project management support. We couldn’t have been more delighted by turnout, the variety of people who came to see us and the breadth of ideas and aspirations they hoped to bring to their new home. Talking through the ways an architect might assist on a self-build project was very useful to us as well as the residents themselves, as we’re determined to ensure we can provide as much input as possible within the confines of the ordinary self-build budget. We kicked off with a virtual model of the street to help set the scene for the Penkhull project (left) and it’s clear to us that innovative use of BIM technology is going to be a crucial part of what we provide. The level of commitment from residents to energy saving measures as a fundamental principle of a project was also deeply encouraging in a market that so often struggles to ascribe any value to the ‘green £’.
The importance of the relationship between energy, building strategy and finance is also fundamentally linked to the success of Custom Home Build because the backbone of this market will be the lenders. Whilst there are several mortgage packages available for self-build already – tailored to staged release of funds as a building progresses – there is much still to be done with the relationship between estimated property value, the technical performance of the fabric and the resulting reduction in bills and monthly outgoings.
We had the pleasure of attending the Build It Magazine awards yesterday (right) and shared a table with one of the lenders who may be involved in our project. The common ground between architect and mortgage lender proved to lie in the field of building warranty and the predictable concerns over innovation. If a construction process or material choice proves to be unsupported by the necessary structural warranty provider then the lender is too exposed. The key issue here – and perhaps the one that is most easily forgotten – is the longer life of the building beyond the original self-builder. Even if they and the original lender agree between themselves that a particular approach represents no risk, what if a future lender during a later sale (or, dare we say it, following repossession) has no confidence in it?
Rob’s personal experience of a self-build valuation process, involving completing a form that contained questions that were twenty years out of date, has recently served as a timely reminder that those of us enthused by the prospect of helping more people build their own home must make sure we include the bank or building society in the design team.
It’s no exaggeration to say that we can’t wait to get the Penkhull project moving, and we look forward to taking the mortgage lender with us on the journey.
Read some of our other posts in the Self Build Category.