Why buy a house when you can build one?
Following the latest news that we are set for another round of cheap mortgages, with rates at some banks now as low as 0.99%, it is as good a time as any to take out a mortgage in order to get on the property ladder.
However, while mortgages may be cheap, house prices most certainly aren’t, with the average house price in Exeter and wider England now up to a staggering £300,000. In Exeter alone, house prices have risen by 159% since the turn of the millennium, while wages have only increased by 51%. According to property experts the Open Property Group, the recent ‘Brexit’ vote will have little to no impact on property price rises either, to bring even further disappointment to those looking to buy.
So with house prices seemingly out of reach, is there an alternative to renting? The good news is yes. The alternative is building your own home.
One method of building that has recently become very popular is using shipping containers as giant building blocks. Relatively cheap, quick to put together and environmentally friendly - there are an estimated 24 million shipping containers in the world that would otherwise become scrap metal – they make for surprisingly spacious and luxurious homes.
The Low-down
Shipping containers are available cheaply (usually for less than £1,500) and come in a range of sizes from 20 to 40ft long. Fire proof and flood proof, they can be used individually to build tiny homes (that often require no planning permission) or grand modular ones via the use of clever stacking and arranging.
Innovative use of floor to ceiling windows, lighting and translucent sliding doors give container homes a surprisingly bright and airy feel.
Image Courtesy of Buzzfeed
These containers also lend themselves to almost any type of style, from industrial to minimalist; you could consider using other recycled goods to create your finished property.
Image Courtesy of Container Home
The flat roof of the container is also the ideal place to create outdoor space such as decking or a roof garden, making container homes incredibly versatile.
Image Courtesy of Architizer
Food for thought
Of course there's plenty of ground to cover if you're considering building a container home. You'll need to work with a competent architect and structural engineer - ideally people with experience in building homes a little different from the norm.
Purchasing the correct container is also vital, as many are in far worse condition than advertised. It is imperative that a lot of research is carried out in this area as choosing the wrong container size, shape or even colour can leave you with at best a property you are not happy with and at worst an incomplete, structural nightmare.
One of the biggest regrets container home owners have is to do with welding. A Labour intensive process and costly, when designing your house, make sure you plan how all the units will join together and aim to keep welding to a minimum, otherwise your budget will take a hit.
What will it cost me?
In looking at how much the total cost for a start-to-finish build will be for a reasonably sized house, a past episode of Grand Designs provides a good benchmark.
Using four 45ft containers, farmer Patrick Bradley spent a total of £133,000 for a luxury and spacious property, complete with a £16,000 designer hammock bath tub and £30,000 designer kitchen.
It is important to note, however, that he already owned the land (which in most cases will add 50-100% of the construction price on to the final total) and he was a qualified architect.
Thus, for the lay person who needs to buy the land and get planning permission, you would be looking at around £215,000+ for a fully decorated and fitted property.
Resulting in a saving of almost £100,000 for a property that is built to your standards and on your own land, it is certainly something you should consider if you are looking for a new place to live.
It’s not for me
There are plenty of other investment ideas you could utilise if container homes don't seem the right choice for you. Pre-fabricated kit houses are proving more and more popular and with similarly quick build times and prices, they are a sound investment for those looking to own a striking and unique property.
Whatever you decide, just be aware that there are more options available to you than simply buying or renting.
Main image courtesy of Wikipdedia
