How much will my project cost?
A question we often get asked early in our residential projects. Unlike most significant investments we make in our lifetimes, the cost of a building project is difficult to define until the design is fully resolved. There are just too many unknowns. Imagine trying to figure out the cost of a car before it has even been designed! And unlike a car, every project is unique.
We work closely with our clients during the early stages of a project to make sure the project brief and client’s expectations align with the budget. We can then work together to adjust the brief accordingly or advise our clients they need to increase their budget. Often difficult conversations but the earlier they are had, the better for the project.
As a guide, the construction costs below are as based on recent projects and informal discussions with cost consultants and local builders. They are sense checked against published cost data and construction price indices.
Guideline costs per square metre..
New Build £2,500 to £4,500
Extensions £3,000 to £5,000
Renovations £1,500 to £3,000
They are given in good faith and as an indicative guide only i.e they intend to give an indication of what a building may cost. They do not provide a cost of what your actual project will cost.
Key points to note:
New build homes are VAT exempt. Extensions & Renovations are subject to VAT. The above figures exclude VAT
Range indicates level of quality in materials, finishes, fixtures and fittings and the level of intervention for renovation from simple decoration and touch up to stripping back to the shell and completely refinishing, rewiring, re-plumbing etc
Two-storey extensions are cheaper than single storey extensions as the cost of the roof and foundations can be spread out
Listed buildings will often incur increased costs due to the requirement to us certain materials and processes. Typically, the higher the listing the higher the increase in costs.
We review these regularly but due to the volatility of the construction industry at the moment (2023) they may be out of date.
The above figures exclude the following:
Professional Fees (Architect, Structural Engineers, Garden Designers etc)
Surveys
Planning & Building Control Fees
Any demolitions required
Landscaping or external works
Cost of land purchase
Contingency (typically best to allow 10%)
Community Infrastructure Levy
As the design progresses and more detail is known regarding the complexity and level of specification more accurate cost advice can be provided.
We always recommend a Quantity Surveyor or Cost Consultant should be employed to provide a more detailed cost breakdown. We have several that we work with who we can recommend depending on the scope of the project.
Breakdown of construction costs
To help understand where the money goes, the pie chart opposite gives a breakdown of a typical new build project in terms of how the costs are shared.
The external envelope (walls, roof, windows) is a big proportion of the costs and this is where important design decisions can be made to keep costs down. It is interesting to note that you kitchen could cost the same (and sometimes significantly more) than your foundations.
What this breakdown does highlight is that it is important to carry out cost plans throughout the design process to highlight areas where savings may be made to ensure you can achieve the finishes you want. Whilst foundations are an important and integral part of any building, no one wants to spend anymore than necessary on elements under the ground. This should hopefully free up funds to be spent on more satisfying parts of the build like good quality windows (with low maintenance) and robust and aesthetically pleasing finishes and fittings.
We would be happy to discuss the feasibility of your project at an early stage.
Please get in touch hello@chalkarchitects.co.uk
