There’s nothing more exciting than creating your own home that’s completely in tune with the way you live. Like most self-builders, you’ll want high-spec and good quality materials to create a forever house where your family can grow and enjoy life. It sounds like a dream because it is one. But to make it a reality, you can’t skim over the budget.
It is incredibly easy to fall into the abyss of bank loans and stretch your budget until you forget what it was to start with. If you want to self-build, and follow your project through to completion, then knowing where your money is going is imperative.
Read on for three tips on how to set a self-build budget that will allow you to see that dream come to fruition.
Work out your budget in the early stages of your project and don’t rush. Take time to make sure you have covered all eventualities and are realistic in your spending. If this step isn’t taken at the beginning, the cost of your self-build could spin rapidly out of control.
Do thorough research and make as many decisions as possible. For example, decide on planning applications, materials, and tradespeople, and approve the design and layout. Make a schedule that is clear and easy to refer to. Link it in with your expenditure so you can keep a clear record of costs. This will also signal when you need to order materials.
Having a clear vision on the page of what you want will help save money further down the line.
Setting a contingency of 10%-20% will help you stay on track with your spending and stop you from going over budget. In many cases, the unforeseen costs come from below ground. It can be impossible to guess at the foundations until the ground has been broken. Preparing complicated foundations can eat into your budget fast, so it is prudent to ensure you are ready for any extra issues with your build.
It may be tempting to try to research and face build issues independently. But using an expert’s advice can really save money in the long run. Being realistic about your own level of knowledge and expertise allows you to take advice from the start that will help things go smoothly. An experienced professional will keep things on track, avoid any mistakes, and can negotiate the best deals.
At CODA Bespoke, we have over 40 years of experience in creating homes with that special something. Our team of RIBA-accredited architects can help you with every step of your self-build journey, including the all-important budget
As well as advising on affordability and other practicalities, we can help you get the most out of your budget with professional design, procurement and delivery services.
Take a look at our self-build and renovations portfolio to get a feel for the homes that we create. Or contact us today to take the first step towards your dream self-build home.
