Why Do Self-builds Often go Over Budget?
Building your own house is amazing and will provide you with many more options but this also makes it easy to go over budget. It’s easy to add extras here and there but before long you will be chipping into your funds and going way into the red which isn’t ideal. So why do costs overrun?
Here are some of the top reasons why self-builds often go over budget.
You have an unrealistic budget
Despite the budget being perhaps the most important factor in any self-build project, this is often people’s downfall. You must do a lot of research before you start hiring contractors or buying materials as you should have a good idea of how much things will cost and the factors that could put you over budget. While there are ways that you can save money and achieve your desired results, you have to be realistic too.
You keep adding in extras
Building your own home is exciting and the final property should be exactly as you’ve imagined it, however, you should incorporate every detail into your initial plan. Although unexpected changes can pop up, you should avoid adding additional services and changes throughout the project as these will all add up and could tip you ever the edge financially.
You haven’t prepared for errors
There are a number of things that you can do to prevent errors and therefore additional costs. Firstly, always listen to the advice of your contractors. If they warn you about potential problems make sure you have the funds to resolve them or take the recommended course of action. Secondly, have a backup fund that can contribute to unforeseen expenses if needed, that way you won’t be dipping into your main funds.
You didn’t hire a professional team of contractors
If your working to a strict budget then of course it is tempting to choose contractors who are cheap but this may result in further money being spent. Basing your contractors on how much they charge and paying little attention to their experience could mean that you have to pay additional costs to fix poor quality work and errors.
At Below Ground, we have over 25 years’ experience working in the domestic and commercial building foundation industry. Working across Bristol, London and Exeter, our foundation experts will visit your site to assess the project and find the best course of action for your build including a free estimate quote. Using our vast knowledge of construction and foundations, you can rely on us to produce high-quality work. Get in touch with us today for more information.