Homebuilding & Renovating Show
How to avoid running out of money on your self-build project
Creating your dream home is both thrilling and challenging, especially when it comes to sticking to a budget. Ahead of his attendance at the Homebuilding & Renovating Shows in Farnborough and Birmingham next year, seasoned quantity surveyor Tim Phillips provides tips below to help navigate the financial maze of self-build and keep the project on track, steering clear of unexpected financial pitfalls.
Adobe
Homebuilding & Renovating Show expert Tim Phillips, quantity surveyor at Quantiv, says:
1. A quantity surveyor is useful for all project sizes
Hiring a quantity surveyor might seem like overkill for a smaller self-build, but Phillips emphasises that a QS can be invaluable regardless of scale. “A QS does more than handle big-picture budgets; they spot the nuances and maintain transparency at each stage,” he explains. Enlisting a QS provides a thorough breakdown of costs and can help prevent unexpected financial strains.
2. Boost your contingency fund above the standard 10%
Instead of the traditional 10% contingency, Phillips suggests raising it to at least 15-20%. Self-build projects often face unexpected issues—from site conditions to regulatory requirements—that can strain a standard contingency fund. An expanded buffer allows you to address these unforeseen costs without jeopardising the entire project.
3. Recognise the true costs of project delays
Delays can cost more than just lost time—they impact labour, materials, and scheduling. “When delays occur, they disrupt everyone’s plans, often resulting in additional expenses for overtime or rescheduling,” Phillips explains. By organising effectively and maintaining clear communication with contractors, you can minimise delays and their associated costs.
4. Allocate funds for regulatory costs early on
Regulatory compliance—whether for building codes, environmental impact, or other requirements—can be an expensive, often overlooked aspect of a self-build. Phillips recommends, “Earmark part of your budget for these mandatory expenses to avoid financial roadblocks down the line.” Addressing these requirements from the outset will keep your project moving smoothly.
By integrating these insights from Tim Phillips you can better manage your budget and keep your self-build on track. His guidance on detailed planning, proactive monitoring, and preparing for the unexpected will help ensure your project remains financially sustainable, bringing you closer to achieving your dream home with confidence.
For free one-on-one consultations with Tom, visit the Homebuilding & Renovating Show’s Advice Centre. Claim your complimentary tickets viahttps://www.homebuildingshow.co.uk/pr-general-outlets.
The next shows take place from 18-19 January at the Farnborough Int Exhibition Centre and from 20-23 March at the NEC.