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Budgeting Your Build

28 March 2022
Budgeting Your Build

Need an idea of building costs? We can help!

Budgeting for architectural work is sometimes daunting, especially concerning costs. The best way to avoid any surprises is to do your research and be as specific as possible. Every project is different and costs for each aspect of a build will also vary from project to project. The ground conditions, access to site, location and proximity of services will all have an impact on the projected expenditure of a build.

If you want to build an extension, there are a number of online cost calculators you can consult to get an idea of how much your project is going to cost; and are a couple you could try. The more accurate you are the less stressful the process is likely to be. Ensure you are clear and specific with your architect and builders about what you want because this too will help keep things on track and reduce chances of surprise costs or issues. Good architects and builders will have a clear knowledge of numbers, be excellent at managing people like their building team and sometimes also sub contractors , but most importantly they should be flexible thinkers and fast problem solvers.

Things to remember:

– Knowing your budget is vital so you can provide details to banks when applying for self-mortgages. Ensure this money and any savings are easy to access.

– Make a plan to show any potential lenders. Include details of projected costs, planning permission details and any other factors such as materials etc. The more you tell them the more comfortable they’ll feel lending to you.

– Get an expert on board. Experienced architects are well informed when it comes to costs and can talk you through any concerns you may have.

– Time your project around the payment schedule. Most money lenders release money in stages. They may also want to check the development of a project before each payment is released.

You may also want to request a download for our Project Planning Pack which will walk you through the first stages of your project – including how to estimate the cost!