Although no one likes to talk about money, the truth is that the 'make or break' of any self-build project is planning, planning and more planning. No matter when you begin to cost your self-build dream, it is always worth remembering that there are a wide variety of hidden extras that will impact your final construction build cost. At Travis Perkins our aim is to help your build project run as smoothly as possible, so here are some of the things you will need to bear in mind when working out the cost to build a house:
Counting up the cost
When looking at the hidden costs of a self-build project, from finding the land to putting the finishing touches on the landscaping, here are some of the things you need to remember to cost for:
- Although you might think that the main cost will be the purchase of the land and building materials, there are a myriad of hidden extras that you will need to include in your budgeting, such as services. Although it is possible to purchase serviced plots of land, connections to services such as gas, electricity and water drainage can add up. Depending on the location of your build, you will have to allow at least £5,500 for these hidden extras.
- It has to be said that location is key when it comes to costing in the price of your plot of land. It is vital to get as accurate a costing as possible for the plot in advance, as this will be one of your biggest expenses on the project. When calculating the cost of a plot of land, local house and land price data that is published by the Land Registry and estate agents will provide an idea of what type of calibre the plot is and what you can expect to pay for yours. Some plots will be available for purchase with planning permission, but will be considerably more expensive than those without.
Professional services add significantly to any build cost. Here are some to be aware of:
- Planning and building regulations fees - most councils have online calculators to help you work these out in advance.
- If you are taking out a loan for the plot, you will have to provide the lender with a certification for your plot of land for sale, this might include a site survey, soil samples etc (if there are technical issues with the site, such as poor soil composition, poor drainage etc), which will add to the build cost.
- Architectural practice fees (for the initial design and project management of the build if required).
- Legal fees for the purchase of the land.
- When working out the labour costs on a house, remember to get a range of quotes. Why not try our 'find a builder' link, to get a list of rated building professionals in your area?
- For estimations on the actual material costs of your project, many merchants will provide an estimating service. Here at Travis Perkins, we not only provide an estimate of all materials costs on a build, but will also provide estimates of labour charges, based on the Hutchins UK Building Costs Blackbook and a guide from local builders in your area.
Finally, remember, when working out how much it will cost to build a house, always allow a realistic amount of contingency budget. Whatever you think it is going to cost you, allow a minimum of 10% sum on top for those unforeseen "extras" that will crop up throughout the project.
Although it might seem like the process of costing takes forever, it is well worth the time spent on it. Ensuring that you have accurately costed your project will avoid difficulties later in the build.
