Before you begin to design and plan your new build home you will need to know what financial capital you have, or what means to secure the finance. The self-build mortgage market for new build homes is a niche industry with a lot less companies to choose from. The lending criteria has greater restraints than a normal mortgage, and may have a higher interest rate.
Setting a strict budget is always a good idea because it is very easy to get caught up in the excitement of the whole process and over spend. It is always wise to allow yourself a contingency fund as you never know what problems you may face especially when you are doing site excavations, having this extra pot may mean the difference between being able to complete the build or leaving it standing whilst you to try to source extra funding.
This may sound a silly question but everything starts with an idea. You may have always had a dream home or business idea in mind, or you may be totally undecided on what direction that you want go in. You need to think about what you want from the build and what location would be suitable.
Finding a plot of land that is suitable is probably going to be one of the hardest challenges that you will face during the process! Will the land that you buy already have planning permission on it to build a certain type of structure or will it just be a piece of land!
If the land comes with planning permission already granted this will be reflected in the price as land with this approval it is generally costlier due to the reduced risks involved. Once purchased you can always apply to change the design which had been granted permission, but the new proposed design may not be accepted by the planning authorities!
If the land has no planning permission it may cost less, but you must then make sure that you will receive development rights once it has been applied for, otherwise this will render the land useless for property development purposes!