Anyone bought land and built?

[HondaJizz]

I am really interested in buying a plot of land in a highly sought after area (that I could never afford a house in) and building a house. The plot has full planning permission for a three bed bungalow.

Whilst we have done this previously, it was in Australia where you pretty much choose a house from an Argos catalogue and it gets built for you. Am I right in thinking that the cost of the land is the expensive thing, and building is the cheaper element? Before I plunge head first into this project, can anyone offer me any advice, or warn me of pitfalls? Many thanks.

[crazycatlady82]

My husband s parents did it but my husband was the architect and they were building in their back garden. It was a very successful project in Helen's Bay NI and actually stuck to budget!

xxx

[fatnfrumpy]

We also did this in 1991 when I was pregnant with DC3!
We moved in when she was 5 wks old! no CH or kitchen, hose pipe in kitchen and microwave, hose for shower but did have four flushing toilets.
We very much left it in the hands of the architect and builder as we were in the NW and building in SE.
Bought a 2.5 acre plot for 200 k got PP for 2x 4 bed houses with just under acre garden each,through a private planning consultant cost 7k, had three builders to tender.
Went with the middle priced one.At 175k each house.
Idea was to sell one house to pay for the build of ours. builder went bankrupt after first fix stage!!!
So we had to sell one house for a 75k loss sold as seen.
Took us years to finish off our house to a good standard. We lived there for 9yrs selling in 2000 for 70k profit.
Would I do it again No too much stress but at least we had a house with the layout exactly as WE wanted it. It was a one off bespoke house so very well known in the area. Even now 21 years later when asked where did you live before EVERYONE knows our house.
Our DS says he is going to buy it back one day but it,s worth ab out 800k now!