Self Build Guide - Insurance & Guarantees
As everyone concerned with self-building will tell you, it is all a remarkably risk free business.
You have to make watertight financial arrangements before you start and unlike a builder, you do not have to search for a buyer when you finish. There are a host of inspectors and others who will be concerned about the standards of the work and because of all this hardly any self-builders get into serious difficulties. However, there are some risks that you must arrange insurance against and self builders must be aware of them and allow for the cost of this in their budgets.
First of all, the new building will need a warranty that it has been properly built. This will probably be required by any bank or building society that is lending you the building finance and will also be wanted by anyone buying the property from you in the future. A warranty can take various forms, of which the NHBC Certificate is the best known, this used to be only available to those who were using a registered builder for at least the structural shell, but now the NHBC has a special scheme "Solo" for self-builders The are many other equivalent warranties available.
Continue Reading: Self-build Insurance
September 2004