Sources of Finance
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Sources of Finance For New Build Projects
If you want to take on a self-build project, you need the right finances. Let’s take a look at the different ways in which you can finance your project.
If you are planning on building your own home, you need to secure finance. In general, there are a few ways in which you can do this. The first one is to use your savings. If you have savings available, you can use this to finance your self-build project. You will be able to stay in your existing home until your project is finished. This is a great way to finance your project if you have enough savings to do so.
The other option is to sell your house and use that capital to finance your project. Or you can use your current property to secure a loan. If you choose to sell your house, you can live in a temporary home while your building project is under way. Securing a loan is often what people do if they are not prepared to move out of their home just yet.
The third option is to take out a home loan against your self-build home. In general, you will be able to borrow around 75 percent of the amount you need. You will still need a deposit, though. You can browse online to find a mortgage provider that can give you a few options.
Regardless of the option you choose, make sure your budget is accurate. You need to know exactly how much you’ll need to ensure you are always on track with your project.
Are you looking for a self build consultant to help you with your building project? Our chartered civil engineer specialises in timber frame building, offering project management throughout all stages of the process. Alexander Project Management work with construction companies and individual home builders throughout Leighton Buzzard, Bedfordshire and Buckinghamshire. Contact us or call 01525 240679