Budgeting for your build
One of your key questions will most certainly be “how much will my project cost?” Luckily, self-building is without doubt the most affordable and cost-effective way of building your dream home. Self-building can save you up to 30% when compared to buying a new house from a builder or developer.
A key part of successfully completing your project and achieving these savings is putting together and working to a realistic budget. Running out of cash on a project is often caused by inaccurate budgeting or deviating from your original plans. In our experience, provided that you are clear about what you want and control your build, there is absolutely no reason why you cannot complete your home within budget and maximise your profit in the process.
At Frame Build UK, we always recommend that you obtain expert advice when establishing your budget so that you can avoid any potential pitfalls.
Our top tips for successfully controlling yourself build finances:
Set a realistic and detailed budget
Be clear about what you want to build and make sure that you have all the information necessary to put together an accurate budget. At Frame Build UK, we complete your construction drawings before you get started enabling detailed budgets to be based on fact.
Try not to deviate from your original plans unless it’s absolutely necessary
It’s easy to get carried away and start changing your designs once you’re in the middle of a project, but changes at this stage can be very costly in both time and money. Always allow a contingency budget to cover those unexpected costs. In our experience we recommend an allowance of at least 10% of the total cost of the build.
Get your cashflow right
Understanding at what stages your mortgage provider will release funds will help to plan your cashflow for the build. If you need to borrow a high percentage of the project cost, then consider a mortgage product such as BuildStore’s Accelerator which gives you money before each stage of the build.
Program your build and stick to it. TIMBER FRAME structures are one of the fastest forms of construction and can cut the build period by as much as 6 weeks. A shorter build period will reduce financing, rental and plant hire costs making yourself build great value for money.
Use tried, trusted and reliable build methods
Avoid build methods that can bring unforeseen additional costs. TIMBER FRAMEs structures are an excellent solution as the offsite manufacture process enables the quality to be controlled so build costs can be fixed and due to their manufacturing process, it can be one of the most reliable methods of build as progress is not weather dependent. At Frame Build UK we pass these advantages on to our customers by offering clear, fixed price quotations assuring financial certainty and total peace of mind.
Always employ professionals
Professional tradespeople complete professional work. Professional advisors, subcontractors and trades people will want to do the job right, first time, every time and will be happy to help you through your build. Frame Build UK is no exception; we have an excellent reputation for quality and service and will work with you to deliver the best job possible.