5 Things To Consider For A House Construction
Constructing your own house can be both a curse and a blessing, as you’ll have the chance to materialise the home of your dreams, but the journey is full of hurdles. Before anything else, you should assess the amount of money and equity you already own and how much you can afford to borrow. Afterwards, you can calculate the overall budget and figure out what sort of house you can build with those funds.
Bear in mind that these prices vary widely by region. For example, central London is the second most expensive building site in the world. Furthermore, do not forget that you might need to apply for planning permission, which costs approximately £500, in addition to other legal fees that can range between £500-1000.
One of the most significant factors that will influence your financial planning is the size of the house. The price of building a home starts at £1,600 per square m2, and it can reach up to £3,000 per m2. For instance, the cost of building a 2-bedroom house is anywhere between £200,000 to £300,000. However, if you plan to have a spacious home, creating a 5-bedroom property can cost up to £500,000.
In addition, your designer, engineer, and project managers would be paid an estimated 10%-15% of the building costs.
This part of the construction project has great potential for saving some funds. For example, suppose you opt for a simple design, like a Georgian-style box. In that case, you won’t need to spend large amounts of money on an expensive designer.
If you are a skilled handyman and enjoy DIY projects, completing most of the construction work on your own might result in a reduction of around 30-40% of your total expenses. Some areas where you might do a great job include decorating, buying the materials or basic landscaping.
New build tips
Sometimes build new instead of renovating it`s worth the time.
When you build a new house, you might be VAT exempt.
Build Sustainable! Passive house design and new technologies can make your lifestyle a lot more healthy, and the benefits on children growth and health are amazing! And as plus you are acting good with our planet :)