It can be easy to lose track of your budget when you are new to the self-building scene.
The purpose of having a budget whilst building is to see where your money is going and where there is room to spend less.
It’s best to work out what can be achieved for the money you have, rather than stretching to a colossal mortgage. Be pragmatic with your decisions on the specification of materials and be willing to make compromises throughout the project. It is no joke running out of funds when you are only 75% of the way through the project!
Ways to keep on track
Self-builders have to spend a lot of time on site. If you can’t dedicate sufficient hours to manage trades and order materials, you should allow for a professional project manager in your costings.
Be prepared to haggle. Larger orders of materials with hardware stores means bigger savings. As a result, you may be able to open a trade account and save even more!
Spend your money where it counts. What we mean by this is, ensure your home has good quality permanent items. Windows and doors, roof finishes and even cavity wall insulation should last the life of the house. Things like kitchens and bathrooms can be upgraded when your budget recovers in a few years.
More importantly, don’t leave yourself short. Always have a contingency. Nowadays it is common practice to keep at least 10% of the total figure aside for unforeseen things that may crop up. Consequently, bad ground is the most common and unavoidable issue that will have to be rectified before you can continue any further.
Finally, our top tip is to ensure you have your project estimated before you even bring a digger on site. Our service gives you a thorough report using costs for materials, plant and labour in your local area. Futhermore, you will gain an understanding of the costs involved from the word go and easily identify where you can make changes to your spec to fit your budget!