When you’ve fallen in love with your design, you know you have to build it, no matter what. But if you are foolish with your finishes and frivolous with your finances, you could lose everything. If you’ve got as far as approval for your architect’s drawings, then chances are you’ve already invested a lot of cash. Make sure you avoid these self-building disasters so you can enjoy your beautiful new home:
Once the money starts to run out, you can be quite tempted to cut corners. You may start to wonder just how much you can get away with. Don’t risk the safety of your family, or your contractors by ignoring regulations or buying substandard materials. Yes, building regulations inspections are expensive and time-consuming. Miss them at your peril! Your local authority may have the right to tear down everything you’ve worked hard for. Remember, they’re there to help.
Poorly Managed Budget
Most projects will have those moments of uncertainty due to unforeseen costs. Meticulous planning and a healthy contingency pot can help you out of a tight bind. That doesn’t mean you won’t be caught short somewhere. Things that couldn’t be predicted can be the downfall of a project. Don’t let running out of money cause more problems. Find a bridging finance broker that can help you over the bump and back into the black.
Lack of Survey and Research
This tends to happen more often if you’re building for other people. When it’s your home, you’re more likely to have an interest in finding out everything you can about the land, the area, and the region. You should always invest in adequate surveys to check out the history and topography of your plot. Sure, it might throw up a few surprises that could increase the cost of your build. Better to know that before you start. You can spend a few months saving up the extra with no harm done.
Self-Build Without The Skills
If you don’t know what you’re doing and you haven’t ever done it before, you need to find people to help you. You want this property to be an investment. It needs to be worth more money than you’re putting in to build it. But if the craftsmanship is poor, it won’t be worth much at all. And if you’ve done something wrong, it may not be a safe property to live in either. You can learn on the job, but only if you have someone showing you the correct way to do things. You can build a home for less by taking on the work yourself. Don’t let this decision cost you much more in later repairs or replacements.
Building your own property can be a great investment idea. Property can often be a good place to grow your cash. But self-building can also be very risky for lots of reasons. It’s important you take the time and invest the money in the right places to avoid disaster. After all, this is going to be a home, not just a nest egg.