Self Build Cost

Many self build lenders will only make the staged payments once each stage of the build have been completed and then valued.

Organizing and maintaining cash flow throughout your project can become imperative and can mean a lot during the build self project since the self builder is forced to pay out the own money to meet wages and the cost of materials. A 10% contingency fund is a wise move.

If required, you'll need to employ a project manager. Don't try and do anything that you are not absolutely sure you can do. There is too much money at stake. You should call in a surveyor, a planning consultant and an architect.

You should also get a solicitor to draw up contracts between yourself and your builders. Should you not be about everyday to oversee the building work, you'll need to employ a project manager.

First, you need to buy a plot of land, with planning permission for development already granted, to avoid further hassles. This could be outlined, where the local authority has agreed that building can take place, or detailed permission, where the actual design has been agreed. Building plots are found in the local papers or even with estate agents.

If you bought a plot of land, bought materials whilst paying wholesale rates, then employed labour directly, you would be buying a house at cost price. You would be paying what a house developer has to pay, but you don't need to add on your marketing and sales costs and a profit margin. Thus you can save immensely on self build cost.