All selfbuild projects should always start with setting a clear and realistic budget. This should also account for professional fees such as planning, building regulations, Architects & Engineers.
Ensuring that your project is realistically costed is vital. You can do this by using one of the costings services on the market such as BuildStore’s costings service or employing a quantity surveyor or Architect to cost your project. A realistic contingency is essential and this may need to be increased at present as a result of the recent price increases and materials shortages. Planning everything as much as possible in advance will potentially reduce the risk of issues later down the line.
With the recent introduction of the Government backed Help to Build scheme, selfbuild mortgages with a deposit as small as 5% can make this dream a reality for many more people. The cost based lending products guarantee you can meet the payment terms of your suppliers and contractors dramatically reducing the risk of a project running into difficulty through a low point valuation.
Find out more about Help to Build here.
Article provided by Tom McSherry, National Relationship Manager, BuildStore.
