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Your bank manager will be able to give you an overall idea of the money they can lend, the conditions of loans, and how disbursements work throughout the design and construction process.
Based on your history, they can understand how much you will be able to afford in order to meet all your financial obligations once the repayment process starts. Understanding how much you can borrow will be helpful when outlining the objectives and scope of the project.
Some banks offer special loans for installing sustainable energy technologies or for upgrading your house’s envelope. Enquire if your project is eligible for one of these loans.
Financial planning is an essential component of a successful project. A new home is a significant investment and will require you to plan for present and future commitments that will impact other aspects of your life. An accountant can help you understand your current financial position and plan your future one.
When you are buying a new product or system for your home, suppliers should be able to provide information about its expected lifetime and maintenance schedule. This can inform decision making when comparing two products that at first glance look similar. It will also inform the lifecycle costing of your project.
Suppliers should also provide information about the conditions for handling and installing products so they are able to meet their expected lifetime and will not lose their guarantees.
If lifecycle costs are a priority for you and your project, sustainability consultants can be engaged to undertake a detailed lifecycle analysis. With their experience and the help of analysis tools they can determine the price of individual elements or systems, as well as that of the whole house, including costs incurred before and after use. They can also determine non-financial impacts such as the environmental and comfort implications of your decisions.
Sustainability consultants can also help you to tailor solar or rainwater collection systems and find the solution that provides the best balance between cost and benefit.
Architects and designers, as well as other professionals you might choose to engage for your project such as quantity surveyors or engineers, will provide valuable knowledge on the products and systems used in your house. Previous projects they have undertaken will have given them knowledge about those that perform better or last longer. They will also play a key role in optimising the design so that resources are used in the most efficient way possible.
The cost of hiring an architect or designer will also have to be considered as part of your lifecycle costs. While a house from a catalogue may seem like a cheaper option, the long-term benefits of good design will compensate for the fee charged by an architect or designer. Their fees are only a minor component in the total cost of the project and can add value by optimising the design, achieving an aesthetic result, using space in the best way possible, and optimising the envelope so that it is efficient and responds to the site’s specific conditions. It is also likely they will add value to your property. A good design team will adapt to your unique situation and offer solutions within your budget.