Costing your self build project
Costing your self-build project is an essential step on your journey to building your own home. As well as helping you gain a better understanding of the feasibility of your project, it will also help you secure finance – as many lenders require a detailed budget when considering your application. We explore some of the ways you can work out what you can afford to build.
Why do I need a detailed budget?
When applying for finance many banks and lenders will want to see a comparison of the total cost of your build to its end value – so ensuring you have a detailed and comprehensive budget plan is essential. When creating your budget plan, many factors will determine the overall cost, from how much work you are planning to do yourself to the quality of the fittings you furnish your home with – a detailed budget will help you know what you can afford. SDC offers a low-cost budget land service to help you do this.
Where to start
Starting your budget might seem like a daunting task. The easiest place to start is to work backwards and think about the total available budget you will have for your build. Be sure to include any savings, equity released from your current home and money available from lenders. Once you have this figure, begin by subtracting the cost of the plot, your legal fees and stamp duty and cost of connecting services such as gas and water. The remaining amount is the total sum you will have for your build, including the cost of any project management or architect/design services. Now you have this figure, you can begin to think about the build itself.
Build quality and materials
A significant proportion of your budget will go on materials, so it’s important to understand the level of quality you desire and can afford. It is worth exploring your options in terms of building materials and available alternatives – pre-fabricated timber frame walls can be an affordable option that also offers superior thermal performance than traditional brick and mortar.
Windows, doors bathrooms and kitchens
These are some of the essentials when considering your budget, especially as there is potential in these areas to overspend heavily. The cost of a bathroom suite can range from £2,000 – £3,000 up to several thousands more for a top of the range suite. Consider your overall budget when deciding on these options, you can always come back and assign unallocated funds to improve these later.
How much are you planning to do yourself?
Labour costs can amount for up to 60% of your total build cost – so doing some of the work yourself can be a great way of saving money and freeing up some more of your budget. Apart from working with gas – you can undertake most of the building work yourself. Some of the most common jobs you can do to save some money are; decorating, landscaping, kitchen fitting or laying floors. By doing these you could be saving yourself hundreds if not thousands.
Conducting a self-build project is a big commitment, and ensuring you stay on top of everything can be a challenge. At Sustainable Design Collective we can help you manage your self-build project from start-to-finish, from architectural services to building. For more information on how we can help your self-build journey get off the ground, don’t hesitate to contact us.