It can be really difficult to find your dream home. And even if you’re not planning to build a whole home, home renovation projects can be stressful. The cookie-cutter options available may not suit your needs, which is why people often choose self-builds. Building your house or doing the renovation yourself can give you a sense of control and a chance to get exactly what you picture in your mind. But the budget doesn’t always reflect the true cost of self-builds.
There are many costs associated with self-builds, and sometimes these costs don’t carry a monetary value. It’s all about understanding what you’re getting yourself into so that you don’t end up in over your head.
No Project Should Begin Without a Budget
Once you decide to embrace a self-build, it’s easy to get carried away, especially if this is your first. The problem is that costs can spiral out of control quickly if you don’t have a budget. Saying yes to an upgrade here and there and making changes on the fly will add to the overall costs. Just as any professional contractor would do, you want to be sure you sit down and put together a realistic and workable budget.
One thing that professionals are sure to do when creating the budget is to put aside a slush fund. There will be unforeseen issues that pop up; this is just how building projects go. It’s impossible to anticipate and plan for everything, so giving yourself extra money in the budget acts as padding.
Another tip to keep costs in check is to track everything you spend, both small and big purchases. This is the only way to know if you’re sticking to your budget.
If you’re unsure of the cost of a self-build, try looking up prices online, noting the cost of materials in stores. If possible, speak to those who have done a self-build before. They can have invaluable insight.
Finding Financing Isn’t Always Easy
After putting together a realistic budget, it’s time to find financing. If you’re building a home or undergoing a sizeable renovation project, there’s a good chance you won’t have the cash to cover it. But don’t just assume that finding financing will be easy. For many, finding financing is one of the most stressful parts of a self-build.
It may be that you need to rely on a few different financing options and combine them. It can include savings, funds you deposited into an online casino that limits withdrawals within a maximum of 24 hours, a personal line of credit, a bank loan, a mortgage (when buying a house), or even a credit card. Credit cards should be the last option, however, as the interest is highest with them.
You Can’t Put a Price on Stress
Here’s a big cost that isn’t reflected in your bank account, but will hurt you. You simply can’t put a price on the stress that a home build can cause. The larger the project/build, the more stress you’ll be taking on. This doesn’t mean you should be scared off and not build your dream project; you just have to accept that you will feel stress.
Rather than trying to push through it and ultimately reach a breaking point, be aware of when it’s time to take a break. Whether you need a mental or physical break, dealing with your stress will be essential. If you let it simmer, it can affect not only your mood regarding the build but also your personal relationships and your ability to do your day job.
Some of the most effective and healthiest ways to combat stress include:
- Working out or doing something that gets you moving.
- Listening to your favorite type of music.
- Reading a book or magazine.
- Playing a video game, board game, or even a puzzle.
- Talking with friends.
- Walking away from the source of stress and taking a short break.
If you go into the self-build expecting the unexpected, you’re more likely to handle the stress better.
There Is a Time Cost
Tackling a small DIY project is one thing, but taking on a major reno is a whole other ballpark. And just as you can’t put a cost on the emotional toll and stress a self-build can create, you can’t put a price tag on the time cost. Any self-build project is going to take your full attention and time. Ask yourself if you truly have the available time to dedicate to the project. Is there a chance you may start it and then take weeks, or even months, to finish it simply because life is too busy?
As we mentioned about creating a slush fund in your budget, view the time it takes to complete the project the same way. You can have a goal for the completion date, but adding some extra time to it is wise. You never know what may pop up. It could be something simple like waiting for materials to arrive or that a particular aspect of the project is more involved than you originally thought.
Be Honest When Calculating All the Costs Involved
When factoring in the costs involved in a self-build, you must look at items with a monetary value and those, such as stress, that don’t have a price tag. Only when you’re honest about everything involved can you decide if a self-build is worth it to you. It could be the best decision you make, or you may decide it’s better to hire a contractor and leave the task to someone else.