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Property Building Budget
When building your own home, one of the most elementary and most important of the steps along the way is the budget. This will of course govern many things about the project: the scale, the scope, the materials, the timeframe and the final outcome. Many people building their own home make the mistake of seeing the budget as nothing more than the amount of money they can afford to spend on the project; they decide on an approximate figure at the outset and ‘hope’ the project does not exceed this figure.
In fact, the budget should be taken far more seriously and should be seen as something to be managed tightly throughout the entire building process. Consulting closely with your architects and builders regarding the budget is key, and should not just take place at the beginning and the close of the project. Make sure you are kept informed of everything that could affect the budget so that you can make decisions along the way about whether to increase the budget, rather than just be faced with an unforeseen bill at the end of the build.
You may find that during the build you decide you want to include something that was not in the original plans and is therefore not budgeted for - underfloor heating or a loft conversion, for instance. Working closely with your architects and builders can help pave the way for such jobs as these while the planned build progresses. In the case of underfloor heating, for example, they can put the basic pipework in place before the floor goes down. This will cost you little extra now, and will save you money having to rip up the floors later when you have the money for this additional project.
Dividing your project into phases can also help you manage the finances as you can choose to delay a costly phase of the build until a date that suits you financially. If you do this, however, ensure not only that it fits in with the architects and builders and will not unnecessarily delay the entire project, but also that the phases will not unduly affect you or your family’s life.
Managing your budget should not just be about getting to the end of the project without spending a fraction more than you set out to; rather it should be about taking a longer view and ensuring that you get the best value and the best final property out of the project.
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