Creating and sticking to a proper budget is an essential skill when undertaking large projects such as renovating or rebuilding your home,according to one self-building expert.
Anna-Marie DeSouza,editor of Build It magazine,said that those who want to build a property to their own tailored specifications need to be aware of all of the costs up front,before they even break the ground on a project.
"Creating a proper budget is essential for all self-builders and much needs to be considered before even searching for a plot,"the expert said."Unless you have a great amount of capital behind you,you'll need to get a stage payment mortgage that will allow you access to funds at different stages of the build.
"The first thing to do is to work out exactly what you are going to need and how much it will cost.Then add on a sizeable contingency fund-say 15 per cent-just in case things take longer and cost more than you first anticipate."
And various factors-such as the size of a building,the projected length of time the construction will take and even the season during which you intend to build-need to be considered at the initial planning stages.
With a number of councils in the UK's major cities-notably London and Liverpool-launching funds to support self-building projects,more homeowners and potential homeowners are going down the route of creating a home from the ground up rather than dabble in a changeable property market.
But as Ms DeSouza notes,cash flow is imperative-and simple tasks such as fixing switches and sockets,hanging doors or changing the lighting fixtures could easily be achieved without the need to hire in costly tradesmen.
"Nothing will bring work to a halt faster than not being able to pay sub-contractors or materials suppliers,"said the expert."Make sure your finances are in place,stick to your budget and ensure funds are ready to be released when you need them."
