BuildStore - self build, renovation & home improvement

Budgets and Costings

Making the Money Go Round

Cashflow is the lifeblood of your self build or renovation project
so if it slows down, or dries up, it can throw the whole project off schedule.



While there may be no such thing as a ‘typical’ self build project – each coming with its own unique set of challenges and opportunities – every project does have identifiable stages of development, from the initial digging of the foundations to the final fix. And at each stage, as the value of the build increases, your lender will release a percentage of your overall funds, so it’s critical that you understand exactly what your project is going to cost you at each stage, so that you have enough money to meet your expenses.

Make sure that you’ve worked out precisely how much money you’ll need to pay out for materials, tradesmen and specialist services at each stage so that your available funds match your project. For example, a timber construction is more expensive in the early stages than a brick and block build as you have to pay for the whole system up front. It’s also essential to have agreed payment terms with builders and other tradespeople in advance of work starting. If you don’t have a good handle on your cashflow – that is, if you haven’t matched your finances to your projected expenses at each stage – then you might find that you’re unable to meet your builders’ invoices or pay for the materials you need. Either situation can hinder progress and, in the worst case scenario, your builders may leave your project and move onto another job if they haven’t been paid, or don’t have materials to work with.

BuildStore’s exclusive Mortgage Schemes help cashflow

At Buildstore Mortgage services we’re acutely aware of the importance of matching cashflow to project stage and so we look at each customer’s situation individually and work out a tailored package with the lender (subject to valuation) which ensures that adequate funding is available at each stage.

What’s more, if you don’t have a large amount of cash sitting in the bank at the start of your project, you’ll find that Buildstore’s Traditional* and Accelerator Mortgage schemes with their higher lending percentages (up to 90% on land and build costs compared to 75% for most other lenders) will give you greater funds which will help to ease your cashflow.

We can also help if you’re interested in funding your self build or renovation project by borrowing against your existing property.

Whichever way you look at your finances, you’re better off with a Buildstore Mortgage services mortgage package, individually tailored to suit you and your project.

Don’t even think about working without a budget – it’s incredibly easy
for unforeseen costs to send things spiralling out of control.



For many people, the whole point of self building is to make the money they have available for a home go further – so it follows that accurately planning and managing a budget should be a primary concern. This process should start well before you even buy your plot of land, and shouldn’t finish until you’ve paid the final contractor and jumped though all the hoops to reclaim vat on your building materials.

When you first begin to work out your budget it makes sense to plan out and weigh up the costs of all the different aspects of your project – even if that means working in round numbers. You should have a total figure in mind that you want to work to – whether you are borrowing money or not – and the pie chart opposite is a good ready reckoner to start with.

BudgetsFor the self builder or renovator, getting your budget right has always been important. But in these post credit crunch times it’s absolutely critical. Once you’ve got the basic figures in place, you’ll then need to spend significant amounts of time planning everything down to the smallest detail – because today it is more difficult than ever to negotiate extra lending if you overspend in the early stages of the build. To find out how much you can borrow, speak to one of our expert advisers – and remember, our lending partners look at income and expenditure on an individual basis, and their offer will be tailored to suit your circumstances.

“ If the right funds aren’t available at the right stages of the build,
delays are inevitable (and often expensive).
In the worst case scenario, materials may not be delivered and
your builders may be forced to move on to projects elsewhere.”

BuildStore Limited, 8 Houstoun Interchange Business Park, Livingston, EH54 5DW T: 0345 223 4888 F: 0345 223 4666

BuildStore Limited Registered Office: The National Self Build & Renovation Centre, Lydiard Fields, Great Western Way, Swindon, SN5 8UB.
Registered in England Number: 08412572

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