Best from your build – Cost
So in our third article, getting the best from your build – Cost, we will try and capture the main items that could affect the cost of your build.
What budget do you have to deliver your building project?
We often find that the clients expectations, correctly captured by the architect are not always what they can afford to build. A lot of people want more than can be achieved with their budget. Being honest with your architect will help you get the most from your build in accordance with your budget.
It is always worth considering around 10% of the estimate value of the build for contingencies. The list of possible problems can be varied so planning for such will help the build maintain progress.
The two main costly items of any residential build are the foundations and the roof. Unless the client has spent time and money to establish, with some degree of certainty, what form the foundations may take, it is normal practice to assume a concrete strip foundation laid at a depth of around 900mm to the top of concrete. It is also normal practice for the client to take the risk on this. Ask your architect for advise in the early stages as well as what type of roof looks both aesthetically pleasing and affordable.
One key area where money can be saved in the long run is the level of detail you can provide the builders to estimate from. Paying the extra amount on architects, structural engineers and having detailed drawings prepared before seeking prices will make the estimates more accurate by removing some of the guess work.
As a rule of thumb, you could expect to be quoted between £1000 to £1,500 per m2 for the building works with mid to high mid quality materials and fittings. This is of course dependent upon the quality and complexity (among other items). Expect to pay more for bi-fold doors, insulated cladding, designer kitchens and the like.
Be sure to get more than one price for your building project but make sure ALL are pricing for the exactly same build. For example take the details of all the fixtures and fittings you like such as light fittings, sockets, doors, kitchens. These are the areas that can change widely in the build cost.
Also consider researching HMRC website as some schemes are zero rated for VAT, for example new builds and conversions.