Going over budget can be a common issue in self-build projects. It’s crucial to have a contingency fund, typically around 10-20% of your total budget, to cover unexpected expenses.
If you find yourself over budget, communicate with your lender immediately. They might offer solutions like extending your loan or restructuring your payment plan.
However, be mindful that additional borrowing could lead to higher interest rates or longer repayment terms. Regularly reviewing your budget throughout the project can help you stay on track and manage costs effectively.