Cal­cu­lat­ing Your Build Costs

Dis­cover how much it will cost to build your own home with our monthly build cost cal­cu­la­tor

Homebuilding & Renovating - - CONTENTS -

one of the most im­por­tant as­pects when plan­ning your self-build or home ren­o­va­tion/ex­ten­sion project is work­ing out how much it is go­ing to cost. This fig­ure will de­pend on the size and shape of the house, the level of your own in­volve­ment, where in the coun­try you in­tend to build, and the ma­te­ri­als you’re go­ing to use. If you can make even rough de­ci­sions about these fac­tors, then you

can be­gin to work out how much it is go­ing to cost.

As a very gen­eral rule of thumb, ex­pect a build­ing plot to cost be­tween a third and a half of the end value of the fin­ished house. The costs of build­ing a house will then de­pend on the vari­ables listed above. All build­ing work is usu­ally quoted on a cost/ m2 ba­sis. For ex­am­ple, a typ­i­cal new four bed­room self-built home is around 200m2 (with 100m2 on two

storeys) and usu­ally varies be­tween £1,000-£2,000/m2 (although self-builders can achieve costs of be­tween £500-£3,500/m2).

Ren­o­va­tion costs are more dif­fi­cult to es­tab­lish as they in­volve many vari­ables, but al­low at least £1,000-£1,500/m2 for work. This, added to the cost of the plot/house and with a 10-30% con­tin­gency, should re­sult in less than the fi­nal end value of the house.

The ta­ble be­low, based on in­for­ma­tion from the Build­ing Cost In­for­ma­tion Ser­vice (part of RICS, the Royal In­sti­tu­tion of Char­tered Sur­vey­ors), is up­dated monthly to help you work out a more ac­cu­rate es­ti­mate (note that these fig­ures are for build costs only and do not ac­count for VAT, which is not charged for self-build projects).

There is a free on­line ver­sion at home­build­ cal­cu­la­tor.

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