Buying a house can be very stressful; there are so many things to think of, so many things to plan out but that doesn’t even compare to when you build your own house. Here are some things to consider before, during and after your start.
Finding a building plot and tracking down the right site for your project can seem like a pain but it’s necessary and many people do it every year. There are plenty of online resources that will help you but often talking to your would-be neighbors is the best method, get in touch with local residents and let them know that you’re looking to join their community.
Arranging financing is one of the first things you need to have in place on a self-build project and having it available right from the start could be crucial in sealing the deal on a plot. Dedicated self-build mortgage products are now widely available through certain brokers. These work on a stage payment basis, so funds are released at key points throughout your project – either in advance or in arrears, depending on the product you choose.
If you set a realistic budget your custom home project won’t end up turning into a huge money pit, no matter what you see on TV. The majority of self-builders take a sensible approach to budgeting, setting a firm and realistic figure for the project before the design stages even begin. Saving ten percent of your overall budget as a backup plan is a wise idea, this money should only be used for unexpected costs during the project, like additional foundation requirements or unavoidable delays. If you end up having some or all of your backup plan money at the end of the build, you can use it to upgrade the interior design, add in extra landscaping elements or include any finishing touches or details you sacrificed at the beginning.
