Overspending happens in most self-build projects, but good preparation will minimise the impact.
Top tips to stop your budget spiralling out of control…
Budget before you buy
Be realistic - a lot of people arrange their borrowing too early when they only have outline planning permission. The planning process is slow and it could be up to a year before you are ready to start work and the cost of materials and labour may have increased, making your budget outdated.
Keep a contingency fund
Add a minimum of 20 per cent contingency on top of your expected total build cost for any unexpected costs that may come up.
Hire a quantity surveyor
Accurate estimates from ground works to glazing are vital if you want to keep within budget. A quantity surveyor can help you plan a realistic budget and the cost of their fee will be offset by the money they can save you in the long run.
Split it up
Break up your project into the build stages as this will make the finances more managable.
Keeping track of what you are spending will prevent your budget getting out of control. Keep all job sheets, invoice and receipts on file, and update your accounts at least once a week.
If your budget is being swallowed up rapidly, make cut backs. It’s vital that you spend money on the fabric of the building, so spend less on fixtures and fittings that can be easily upgraded at a later date.
Information from: www.theselfbuilder.com