Who self builds |
 |
From our experience self builders
come from all walks of life. There are the obvious candidates
- the Architect, the Designer, the builders and the tradesmen
- but just as often there will be the Computer Programmer,
the Civil Servant, the Accountant and the Teacher. Self build
magazines regularly have articles on those who have built
their own homes and the wide variety of people from all walks
of life and with different incomes and ideas is evident. |
Each month "Build It" magazine
features a Reader's new home, sometimes a complete self build
or perhaps a conversion of a barn or church or a renovation
of an existing home. Examination of these articles offers
an insight into the type of people that build for themselves.
There is no stereotype for the self builder! Without doubt
self build is not right for everyone and the would-be self
builder must consider many factors before embarking on a venture
which will change his or her life. |
| Firstly, as the building of one's new home
will take several months to complete, consideration will require
to be given as to where to live as building works progress.
Financial considerations will come into the equation here.
In the past there seemed to be no alternative other than to
sell one's existing home and either move in with relatives,
rent alternative accommodation or live on site in a mobile
home or caravan. The main reason behind this was the necessity
to provide finance for the buying of the land and therefore
the build costs as the project went along. |
|
Most people had their capital
tied up in their house and needed to sell to release funds.
With the progress that has been made in self build lending,
and with the flexibility of the Accelerator Mortgage in particular,
there is now no need to sell first and then buy and build.
More self builders are therefore staying put and using sensibly
structured finance to let them complete their new home before
realising the capital from the sale of their existing property.
The generous loans available to secure the land in the first
instance give the flexibility needed. Some however, feel more
secure in selling first before embarking on their self build
adventure. |
|
The actual building programme
itself can at times be a challenge. In each and every project
something will go wrong and in many projects there may be
more serious problems. The self builder should recognise that
problems will occur, accidents can happen and things may not
go according to plan. However careful research and planning
, the taking of sound professional advice when needed, and
a liberal sprinkling of common sense will all help. A knowledge
of the building trade is useful but not essential. |
|
Organisation and management skills
are however most useful as much of the pain and frustration
that may occur can be taken out of the project by shrewd and
careful advance planning. Financial acumen is an advantage
as sensible monitoring of the progress of the build at regular
intervals can make considerable savings. Before the project
gets underway the prudent self builder will know all about
the costs involved in every aspect of the build. |
|
BuildStore can assist with advice
on probable costs through its BuildPlan service which provides
estimated costings of both materials and labour. BuildPlan
and the Accelerator Mortgage scheme will also help with the
preparation of a cash and work flow projection. This useful
projection shows the separate stages of the project and the
break down of the works and costs within each stage. Most
lenders only make the stage payments once the works for each
stage have been completed and then valued. |
|
This can put a strain on cash
flow if the self builder is forced to pay out his own money
to meet wages and the cost of materials. With the Accelerator
Mortgage the money is paid out at the beginning of each stage
to ensure that no such cash flow problems exist. The cash
and work flow projection is also useful in enabling the self
builder to compare actual costs with projected costs and take
early action if amounts differ badly. |
|
Finally, the self builder must
have the right temperament to see his project through. Knowledge
of one's own character is important as there will undoubtedly
be the full range of emotions throughout the build. Those
of a nervous disposition may not be the most suitable self
builders! |
|
|
