Quite a few of you have written to us asking how we managed to get this off the ground in the first place i.e. how did you go about raising the finance and then finding the plot.
We first started planning in Dec 2007 when we started to look for property’s that we might be able to renovate or perhaps find something in a poor state of repair that we may be able to demolish. Above all it had to have at least half an acre so we’d stand some chance of creating our own kitchen garden and keep a few chickens.
Despite trawling the usual suspects, Plotfinder, etc we became somewhat disillusioned until we received a call from a relative suggesting we may want to look at a small bungalow that was on the market for just over £300k in the same village which would be ideal cadidate for a replacement dwelling.
Sounded a lot of money for a run down bungalow but the intrinsic value was not in the property but in the ¾ acres of land that came with it which backed onto open countryside and had additional land opportunities adjacent.
It took one viewing and a subsequent conversation with Test Valley planners to convince us this would warrent a new build and pretty much agreed a price of £300k in the same week.
Next step we needed to raise the cash for the build as well as funding for the various ‘green’ projects we had planned.
Fortunately we had some equity in our previous property which would help is to buy the plot but we would need to raise extra cash in the form of a mortgage. Rather than spend time hiking around the banks and building society’s we approached Build Store Financial as we’d read in a magazine they were offering their aptly titled ‘Accelerator Mortgage’ aimed specifically at self builders. Basically it allows you to purchase the second property whilst still living in the first enabling you to commence work on the new build without fear of nowhere to live.
While we were sorting out the finance on Fieldview we put our existing property on the market and sold it in the first week, well we thought we had until after 3 weeks they decided to pull out! (Don’t really think they wanted it in the first place if we’re honest)
One week later we had some good news and sold it once again only to lose our buyer for the second time. Anyway we did after about a month of putting it on the market actually sell to a neighbour who wanted the house all along but wasn’t prepared to pay the full asking price. Eventually we did agree to drop by 5k having heard rumours of a recession being around the corner … and 5 weeks later we’d completed the sale and our project was underway!