I wonder, why not use a string buffer paired with its length? For example, maybe use struct that has char pointer, and 2 ints (occupied length + total buffer length). Almost like c++'s std::string. This null terminator thing really sucks, it's potentially insecure and often unperformant.
The size overhead of that is 2*sizeof(int) while the overhead of null termination is sizeof(char). If I remember the standard right, the former is worse by at least sizeof(char), and usually more in practice. This used to matter, sometimes still does.
I would assume the difference is mostly negligible in practice due to the allocator rounding up the allocated memory size at least by the word size anyway (for alignment and simpler bookkeeping). You can also use variable-length encoding in the header to use 1 byte for most cases, similar to how UTF-8 does it: if the most significant bit is not set, we assume a 7-bit encoding, which can represent string lengths up to 127 using 1 byte, which is probably 99% of strings.