Organise finances before building new home

Britons thinking of launching a self-building project in order to construct their own new home have been warned to make sure the finance for such a scheme is in place.

Raymond Connor, chief executive of BuildStore, said it is wise to work out exactly how much a lender will dish out for a new home build before proceeding with plans. People should arrange the funding for their project with their financial status in mind and so it easily covers every expense.

“Having access to the right amount of money when you need it is crucial for your budget and your schedule. Set a realistic budget and stick to it,” Mr Connor stated. The expert added that, prior to hiring a builder to oversee the work, adding 15 per cent to the budget for contingency measures is a good move.

Those who already have their own home and are seeking to improve rather than build were warned recently by Anna-Marie DeSouza, editor of Built IT, that they should not allow jobs and problems to linger.

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