House prices are touching the sky and due to this reason building your own house is a great option. The main benefit of building a house is you get what you desire, you don’t have to compromise with the existing designs. But be prepared for the cost you’re going to invest on your housing project. The very first thing you need is to plan your budget and calculate a rough estimate of the total cost.
In general, a self-build house in the UK ranges from £350 per sq. m to £3,000 per sq.m. The cost mainly depends upon the location along with certain other factors. Usually, the plots in London and South are more costly. It also depends on the charges of the construction company. For instance, the construction companies in Essex may charge less or more than the construction companies in some other region.
Here are the other factors that affect the cost of building a house:
1] Plot Value
First of all, you will need land to build a house upon. So, you have to hunt for a plot at a suitable location. You can either do it yourself or take help from an estate agent. The estate agent will evaluate the plot to determine the estimated value of the finished house on a specific plot.
2] Build Routes
Next, the cost of building a house depends upon the build route you want to follow. There are four common types of build routes and each comes with its own expenses.
DIY means you will build your house on your own. This will save almost 50 % of the total cost. You can take the entire control in your hands. From purchasing the material to supervising, all on your shoulders. However, it will require your time, attention and you should also have some experience.
DIY With Subcontractors
You can purchase the materials directly from the merchants and hire subcontractors. You will guide them while they’ll do the entire job
Main Contractor + Subcontractors
You can hire a main contractor to build a structure and some subcontractors to do the remaining task while buying the materials yourself.
You can hire a main contractor who will do the complete job while you just sit and relax. There are many construction companies that will require minimum involvement from you and charges are also quite affordable.
3] Quality of Materials
The next thing is the quality of the materials you’re going to use. The more luxurious you want your dream house to be, the more it is going to cost.
There are basically 3 categories of housing material: standard, comfortable and luxury.
You can go for anyone depending upon your budget and preferences.
4] Extra fees
Apart from the materials and construction cost, you need to spend a good amount on extra planning and legal permission. Below is the list of extra expenses:
- Legal fees
- Land tax
- Stamp duty
- Site survey
- Design fee
- Insurance fee
- Service fee
- External cost (15% of total cost)
Building your own house is indeed a great decision. But you have to be well prepared for certain overheads. Also, the cost of building is not as simple as buying the plot and hiring the contractors. You have to estimate the total cost in order to plan further. By taking into account the above-mentioned factors, you will be able to determine the cost of building a house from scratch.