While they’re by no means a small undertaking, building a home from scratch can be one of the most rewarding things you do. You’ll have complete control over every element, meaning your abode is perfectly tailored to you and your family from top to bottom.
But how much does it cost to build a house? That’s the big question. While every project is different (and therefore every price tag) we’ve done our best to break down the finances involved.
For a more tailored estimate, you can always book a free consultation with our team to get a proper cost breakdown.
With new builds coming in all shapes and sizes, the easiest way to predict prices is to look at costs per square metre.
In 2020, we estimate the cost of building your own home to be between £1,800 and £3,000 per square metre.
It’s recommended that in order to get a proper idea of costs that you work out the cost of your home by the size of your intended build, then include…
While most people factor in the cost of the land, building materials, and contractors, many get caught out by the little things. Here’s a list of costs you may not be aware are on the horizon...
When it comes to buying a plot of land, it’s worth remembering that you’ll still be subject to Stamp Duty Land Tax, which differs across the UK.
Remember: the threshold for stamp duty can change and is expected to do so in 2020. If you haven't reviewed the rules in a while, it's worth checking out the links above for up to date details.
You’ll also need to bear in mind that if your new build is a second property, you’ll also be liable to pay an additional 3% surcharge, though this will be waived if you sell your old property within 3 years.
When it comes to your budget, the bulk of it will be going towards construction and the materials involved. Therefore the decisions you make here will have a big impact on how much budget is required.
On average, constructing a new property will involve these key stages…
Superstructure refers to building the structural walling, external cladding, and getting your roof in place. It’s a complicated process and one of the most expensive stages.
Alongside choosing what quality of contractor you’ll select (basic, high-quality, or premium) there’s a number of key material choices you’ll be faced with.
How will the structure be created?
What external wall finish will you use?
Which roof covering do you want?
Will you include any of these glazing features?
To name just a few of the design features that will affect construction costs!
However, don’t feel overwhelmed. While all these decisions will play a key part in determining costs, these are all elements your architect will walk you through during the proposed design stage.
As you might be starting to understand, there a lot of different factors that can impact the price of your project. Here’s a breakdown of the main factors you’ll encounter…
Fun fact: did you know that London is the second most expensive place in the world to build a home from scratch in? Our capital was just pipped from the top spot by Hong Kong, so keep in mind what a difference location makes for your build!
If you want to make your money go further, consider these top cost-reducing tips from our new build experts…
Getting your foundations sorted is the second most expensive stage during construction. Therefore, before you buy any plot of land, you want to make sure you don’t have any nasty surprises waiting for you and your team.
By investing in a site survey, you’ll be able to know up front whether or not clay, trees, or any slopes will affect the cost of your build. Allowing you to be better informed before you make that all-important purchase.
This is where being good with your hands can really start to pay off. Doing most of the construction work yourself could help you shave off 30-40% off your total bill. However, unless you’re a contractor yourself, it’s unlikely you’ll have the skills to take on this level of work.
A more realistic option would be for you to tackle the lighter side of things, such as tiling the bathrooms or laying your own carpets.
You might also consider project managing the build. This will be time-intensive and not a job for the faint of heart but it can result in being savings when it comes to construction.
While many people look at short-term savings, don’t forget to consider the big picture. Unless you have a nice pot of savings, it’s likely you’ll be financing your new build through a loan. One of the best things you can do when choosing your provider is to go with a specialist lender, who has experience in handling property-related investments.
As official partners to the Mortgage Advice Bureau, our Finance service is able to source the best lenders and rates for your project, working with your designers to ensure you get the right amount of funding at the right time.
We’ll also help ensure your investment is properly protected by sorting out the best insurance policies for you. As the COVID-19 crisis illustrated, you want to make sure that no matter what happens in regards to your health or employment, you can still make your repayments.
At Resi, we’re proud to offer a new build service that’s tailored to you.
Whether you’re embarking on building the home of your dreams or looking to get started on a new development project, our experts are on hand to kickstart your journey.
Our service includes…
To get both a tailored quote for our services and a total project estimate, book a call in with our team. Our complimentary consultations provide the easiest (and free-est) way of working out your budget requirements.
Which part of your property would you like to extend?
How much does it cost to build a house in the UK?
In 2020, cost of building your own home was between £1,800 and £3,000 per square metre.
How can I save money when building a house?
To save money when building a house you can get a plot appraisal, do some of the tasks yourself, and finance your project the right way.
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