Budgeting 'is essential for self-build'
Taking the time to draw up a proper budget should be an essential first step for anyone keen to build their own home, it has been argued.
Anna-Marie DeSouza, editor of Build It magazine, said unless individuals have vast amounts of money with which to carry out the project they are likely to need a staged mortgage to pay for each phase of the build.
As a result, a thorough understanding of what the building process actually entails at each stage is essential, as in this way they can approach a lender safe in the knowledge they have done their homework and are not going to come unstuck halfway through construction.
She commented: "Nothing will bring work to a halt faster than not being able to pay subcontractors or materials suppliers. Make sure your finances are in place, stick to your budget and ensure funds are ready to be released when you need them."
Ms DeSouza added that having a sizable contingency fund in place is also highly recommended - approximately 15 per cent of the overall budget should suffice - as failing to do so could mean unforeseen problems derail a project and it can sometimes be hard to secure further loans when this is the case.
According to TV presenter, sustainability enthusiast and representative of the National Self Build Association Kevin McCloud, the UK's ongoing housing crisis could be tackled by the promotion of better deals for those keen to build their own home.
He argued that the Dutch model is one that could prove both popular and fruitful in the UK, with millions of self-build properties having been constructed in recent years.
Indeed, the delivery of more self-build opportunities for Brits would also mean people are able to build the home of their dreams while helping to offset one of the biggest challenges of UK construction in recent memory.
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