Jim J Davidson February 5, 2021
Have you ever wondered how much it costs to build a house in the UK? It seems like a straightforward question, but if you've explored property forums, you'll notice a wide range of prices. Some people mention costs as low as £400 per square meter, while others quote figures in the thousands. This disparity can be quite confusing. In this video, I want to
Have you ever wondered how much it costs to build a house in the UK? It seems like a straightforward question, but if you've explored property forums, you'll notice a wide range of prices. Some people mention costs as low as £400 per square meter, while others quote figures in the thousands. This disparity can be quite confusing. In this video, I want to share five principles that will help you understand the costs involved in building a house, allowing you to navigate this complex landscape with confidence.
One of the main reasons for the price variation is the difference in what people include in their cost estimates. Some focus solely on the actual building costs, from foundations to completion, while others consider all expenses related to the build, including land acquisition, legal fees, and selling costs. To avoid confusion, it's essential to define your costs upfront and decide how you will approach them. My preference is to have a separate estimate for the build itself and another for additional expenses, as they can vary depending on the site.
The method you choose to manage the construction process will also impact your costs. At one end of the spectrum, you can hand over the project to a main contractor who handles everything, from materials sourcing to labour management. At the other end, you can take on the role of project manager, overseeing the process yourself. There are variations in between, where you subcontract labour or have them supply materials. Each approach has cost implications, and you need to decide which one suits your circumstances best.
The complexity of your house design will affect your expenses. A simple rectangular box with a basic structure is the most cost-effective option. However, you'll likely want a more appealing and unique design. Features like additional corners, protruding roof structures, or architectural intricacies can increase labour costs. It's crucial to consider how these design choices will impact your budget and find the right balance between aesthetics and affordability.
The finishes you choose for the exterior of your house also contribute to the overall cost. Materials like stone cladding or high-quality cladding options can be expensive, while simpler finishes are more budget-friendly. The choice of external finishes can significantly impact your expenses, so it's important to evaluate your preferences and balance them with your budgetary constraints.
Just as external finishes affect costs, so do the finishes you select for the interior of your house. Factors like kitchen design, bathroom fittings, flooring, and doors all contribute to the overall expenses. Premium finishes and luxurious materials will drive up costs, while simpler options can be more economical. Consider your priorities and find the right balance between your desired finishes and your budget.
Determining the cost of building a house is a complex task, influenced by various factors unique to each project. It's important to define your costs clearly, consider different build methods, evaluate design complexity, and make informed decisions about external and internal finishes. While it can be challenging to pinpoint an exact figure, understanding these key principles will help you navigate the process with confidence. Remember, the more experienced you become in property development, the better you'll grasp the nuances of cost estimation.
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