A-Z of Self Build Guides Managing Your Self-Build Budget

Date Published:

02/06/2008

Viewers of Grand Designs and Property Ladder will be all too familiar with developments that add up on paper but whose budgets spiral out of all control during the actual build. Follow 4Homes' advice to ensure your costs are controlled...

Both builders and architects have long had a habit of massively underestimating the cost of a project. Take the recent Wembley Stadium debacle as a prime example. The problem lies in the entire construction trade being eternally optimistic. That, and in a business where the lowest quote wins the contract, it's always tempting to present costs on a 'best possible scenario' basis.

Of course, were it not for the eternal optimism of construction number-crunchers, nothing would get built. If every major proposal included a huge contingency then few projects would ever get off the ground.

When putting together a budget for a self build project, the most common mistake is to concentrate solely on the cost of the land and materials, while failing to accurately plan out costs for the duration of the project. A quantity surveyor, though another financial outlay, is a virtual necessity on such projects because they should be able to tell you almost exactly how much something will cost. Should you need to rethink your roof or ground works their very job is to provide an accurate estimate of cost, including all factors from casual labour to transport of materials. On more complicated projects, a quantity surveyor's fee will be easily repaid by the skilled service that they provide.