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:
- suitable land
- architectural fees for design and planning applications
- building products
- labour
- legal fees
- rates
- furnishing
- insurance
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
