How do you cost a new build house realistically?
Question:Everyone I talk to has gone over budget which makes me want to downscale my plans. However that seems to defeat the object...
I want to build a timber framed house approx 1700sq ft 4 bed 2 bath with brick and tile finish.
I already have the land...My partner and I can do a lot of the painting / tiling and labour work so we can save a bit of cash.
Is £100,000 maximum realistic for the North of England including all major works, kitchen and bathroom fittings?
Or do I shelve the project?
Answers:
A good way to make it work:
Look at your budget and add an extra 10%. Even if you don't go over, you'll be covered. Random things ARE going to happen, even if you aren't prepared.
A shelf is a good short term measure.
Anyone with 100 grand going should be able to manage this, but land ownership means that you must befriend someone with their own tank in order to maintain a peaceful, happy fulfilled existence. If you do not like the one with a tank then one with a fully kitted out Jaguar will do the job, but trees in the garden will be against planning permission.
Good luck with you current endeavours!
Tell a contractor your plans and ask what it would cost to build a "shell" like you want. Remember that building a home in these times means a shell will take a long time to complete, and it's tough living in sawdust. Believe me you'll get tired of it not being completed. If I were thinking about doing the project I'd look for reposssessed homes right now which have been cut in price and compare it to what I wanted and see if it would be more feasible to buy one of them or to buy what you had planned.
Generally speaking, the land should be about one third the total cost of the home, (assuming a fifth to one acre, larger plots scew the formula), so if you double the cost of the land, you get the approximate cost of the house. this is, of course the resale value, so use it as a guidline to tell if your contractor is stroking you.
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