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While building your new home may be a dream come true, it will certainly come at a price. Building a house from scratch is obviously more expensive than buying a house that has already been constructed. Building your home from scratch may be the best way to customise the home of your dreams, but the costs can spiral out of control if things are not in check! Here are 5 practical tips to understand the true cost of constructing a house from scratch.
1 Speak to specialists and experts before you start constructing
To understand how much money it will cost you to construct your new home, you should speak to a specialist. It is always a good idea to speak to a professional, be it a builder or an interior designer, an architect or a contractor. Sit down with these specialists individually and tell them about the kind of home you are looking to construct. Make sure to give as many details as possible as this will help the professionals come up with the most accurate figure. For instance, if you are planning on constructing a four-bedroom house in Doncaster, you can speak to estate agents in Doncaster to find out the average value of such homes. This will help you figure out how much money you should set aside as your home construction budget.
2 Make a construction plan with a budget
The best way to understand the true cost of construction is by creating a construction plan with a budget. Sit down with your contractor and as you plan the different stages of construction, figure out the cost of construction for each stage. Then, you need to figure out the best techniques to make sure that you stay within budget. For instance, if some part of the construction requires manual labour, figure out how many labourers are required for the job. If you can come up with an approximate budget for each stage of construction, you will be able to figure out the true cost of construction.
3 Learn how to divide your budget
The main construction elements that will take up the biggest chunk of your budget are the floor structure, the base structure or foundation and the superstructure. These should account for 30 to 35 per cent of your overall budget. After this, plumbing and heating, plastering, electrical, drainage and tiling could take up a fair share of your budget. Then, you need to figure out the cost of landscaping, decorating, flooring and so on. Essentially, after reducing the cost of the superstructure and floor structure from your budget, other construction factors should not take up more than 10 per cent of your budget. Using this as the base, you can figure out how to divide your budget. It is advisable to involve architects in Zurich early in the process to ensure a cohesive design and efficient use of resources, and also get help with staying within your budget.
4 Understand the cost of construction materials and choose wisely
In 2021, the cost of construction materials in the UK skyrocketed due to the Covid-19 pandemic as well as the imbalance in supply and demand. For instance, if you are using concrete block woods for the external walls and floor partitions, then this could account for around 13 to 15 per cent of your budget. Now if you use a timber frame, that will account for just 10 to 13 per cent of your budget whereas an oak frame, which is more expensive, would be 6 or 7 per cent higher. Essentially, you want to find out the cost of different construction materials and then choose the best construction materials based on your needs and your budget.
5 Understand what affects construction costs
Various factors will impact concussion costs, such as land costs and the location of your home. Even the stamp duty land tax will impact the overall cost of your home. Of course, the size of your home, the number of bedrooms and bathrooms and the design of your home will also impact the cost of construction. Lastly, another factor that will affect construction costs is if you choose to self-build, if you decide to self-build with a subcontractor or if you decide to hire a contractor with subcontractors. Additionally, the cost of various items in your home such as that of tiles, bathroom essentials, doorknobs and handles, plumbing fixtures and lighting fixtures will impact the cost of construction too.