Cost of Self Build New HomesQ - I am a total novice in construction matters but have seen some land for sale with planning permission for ten two-bedroom flats and wonder what the likely building costs would be. Can you help?
A - To some extent, it depends upon the quality of the specification you are looking for. Current building costs are running at about £900 per square metre plus an allowance of say £100k for drains, fencing, paths, drives, car parking and the like plus the cost of land, of course. Assuming 110 square metres per flat, this would total £990,000 plus £100,000 plus the land costs.
Q - I know the square metre price for the house we are going to build but what other items should I allow in our budget excluding the cost of land?
A - You should allow between £10,000 and £15,000 for the cost of drains, paths, drives, fencing, walling and the like depending on the size of the house. Also make an allowance for local authorities' fees, connections by utility companies, design fees and about 5% for contingencies.
Q - I live in Hampshire and would like to self-build. I have £110,000 in equity in my current house and could get a mortgage of about £150,000. Is this enough to cover land and construction costs?
A - The normal ratio of land to construction costs is 25:75 and, in your case, that would mean £65,000 for the land. That doesn't sound a lot for Hampshire but it all depends upon the size and quality of the house you want to build. Alternatively, work on £1,000 per square metre for the house plus say, £10,000 for the external works, deduct it from £260,000 and see what is left for the land.
Q - I'm interested in buying a plot and building my own home. I would like to build a high spec large bespoke four-bedroom detached house in stone with a detached double garage. Could you please advise me of the construction cost range I would anticipate?
A - For an above average specification house build to your own design I would allow £1,200 to £1,600 per square metre of the total floor area plus £14,000 for the garage and £18,000 for the external works (paths, drives, fencing and the like) depending upon the size of the plot
If you found this page useful please click the +1 button below to tell Google that its a great page!
Please share this page with others, and leave a comment, we value all feedback!
Was this page useful? Do you have something to add? Do you disagree?
If your comments meet our guidelines then we will publish them (you do not need to register!)
Ttradesman - click here to join our network to receive leads from customers in your area