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Budgeting ‘a vital part of self builds’

August 16th, 2012

People planning to construct their own home ought to start by creating a budget.

Build It magazine editor Anna-Marie DeSouza argued this ought to be completed before the developer even begins looking for a plot.

She suggested using stage payment mortgages, as these provide access to finance throughout different stages of the project.

Self-builders should work out exactly how much money they will need, before adding 15 per cent of this as a “sizable contingency fund”, which they must not dip into unless unexpected costs arise.

The specialist claimed costings software or quantity surveyors can help people to estimate the cost of the project.

People should then stick to their budget and ensure cash is ready to be released at the time they need, the expert added.

“Nothing will bring work to a halt faster than not being able to pay sub-contractors or materials suppliers,” she declared.

Many building societies have begun to create mortgage products for self-builders, with housing minister Grant Shapps urging lenders to support this market.

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