Working out your budget
You need to plan your budget carefully so that you know how much the project is going to cost in total. The mortgage lender will ask for this and you need to make sure that you have covered all your costs such as land costs, professional fees, building work, materials, etc. Make sure you know what you can take on yourself and employ an architect, surveyor, planning consultant and project manager if necessary.You are probably going to borrow a large sum which you have to pay back whatever happens to the building. You need to make sure that you hire a good builder in order to reduce the risk.
Getting the right insurance and warranty cover is also vital so that you can be protected against some of the risk if things go wrong. You will also need to cover your legal expenses. It is essential to include an amount for contingency - to cover unexpected costs which might come up. The foundations will depend on ground conditions and even after a ground investigation survey you may find when you start your excavation that there is unexpected costs due to problems in the ground.
Budget is one of the most important factor needs to be considered in any project plan we want to accommodate, it's very tough to create a perfect budget plan but one must really come up with good budget, especially when it comes to constructing a building.
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