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.
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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.