Get the best value for money on your project and keep your spending under control with Mike Hardwick’s essential tips

Few of us are in the position where we can say that money is no object when it comes to building our own homes. The truth is that most of us will be frantically trying to eke every last penny from a modest budget to achieve the best value for money, regardless of the size of our projects.

Your attitude to finance and how you spend your cash is a personal choice, of course. But if you succumb to a moment of weakness where heart overrules head and make an expensive impulse buy, it can have a significant impact further down the line. Something else may have to give and if the money gets tight, then it’s inevitable your stress levels will go up accordingly. Here’s how you can keep a rein on the purse strings and make the most of your budget.

1 Find out how much money you can raise

One of the first things you need to do is establish exactly how much money you can access to fund your scheme. Until you know what you’ve got to play with, the rest is academic. After all, this figure will dictate the size and quality of the house, who designs it, how it’s put together, who builds it and who manages the whole project.

A typical budget will comprise of any equity you have in existing property, whatever savings you have, and how much you can raise by way of a mortgage. The rules on this kind of lending have been tightened up considerably since the 2008 crash, so it is vital to speak to a specialist mortgage broker who understands the self and custom build market, such as BuildStore (www.buildstore.co.uk). Their experts can advise how to maximise your borrowing potential (and your spending pot) within manageable repayment levels.