Planning & Budgeting when Building Your New Home
If you have decided that you would like to build your own home, it is imperative that you make sound plans and budgets for the project from the outset. Planning in advance will ultimately help reduce the risk of rising costs and delayed completions.
You must analyse carefully what is affordable within your specific circumstances – this is particularly essential if you intend to borrow money for the build, as any lender will require visibility of your cost projections. Research and consider the cost of:
architectural fees for design and planning applications
You should also consider building into your budget the following:
rises in interest rates
approx 15% overage on estimated costs to allow for unexpected circumstances
costs for living arrangements for during build