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How Much Does It Cost to Build a House

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Being an owner of a house is a dream that most people share. Your own four walls and the freedom to do anything you please inside them is worth any price, but your wallet might say otherwise. You probably know that the real estate market is growing year-by-year with houses getting more expensive all the time. The question is what would it take to design and build your own dream home? It might be the most significant investment of your life, so it is best to know the structure and size of costs you can expect. Here is everything you need to know about the financial aspect of building a house.

Establish How Much You Have To Spend

The very first thing you need to learn is how much money can you afford to spend on this massive project. Estimating your budget should consist of summing up your personal savings, any funds you might get for self build mortgage, and lastly, the amount of money you will get for your current home/flat, if you are an owner already.

Next, you need to account for the essential costs, like the price of buying land, cost of building and materials, and legal fees. For example, when it comes to the purchase of land the price can significantly vary from State to State. Besides you should take into account other important factors, such as topography, type of the land, your budget constraint, etc. To help you come up with a more precise number, you can use an online service like Clubmit, which helps with the calculation. When you have the final number, add an extra 10% for emergencies. Building a house is a massive operation, there will always be some costs you miss and it is better to be safe than sorry.


Construction System Costs

Structural walls of the house typically account for around 15% of the total cost, if you use concrete blockwork for the ground floor partitions and external walls, and other materials, like timber, for the remaining partitions. You might want to consider insulated concrete framework, or oak frames, but that will increase the costs of this part of the building process by at least 10 to 40%.


Service Connection Costs

When your building plot is not connected to main services like water, electricity, gas, and the sewage system, you will need around £10,000 for the connections. You might need only some of the connections, or to replace existing ones, as they are too old, so make sure to check it before you do any groundwork on the site.


Foundation Costs

Foundation costs are the easiest to calculate, as they are likely to be the same per m², no matter the quality and size you are looking for. However, until you start digging, there is no way to say how many m² you will need. That will be decided by the local Building Control surveyor that will provide you with the solution that is suitable for your house.


Roof and Exterior Finishes Costs

When it comes to the exterior of your house, brick will represent around 5% of total costs of the house, but an update to character bricks will cost you double the amount you would pay for traditional brick. Sand and cement render will cost you around £10/m², and to that you have to add the costs of the paint job.

Roof costs, on the other hand, are the sum of costs surrounding the structure, felt and battens, the insulation, roof covering, and flashings or any detailing. You will need around  8–10/m² of large-format concrete tiles, that can cost you anything between £20-£80//m².


Floor and Ceilings Costs

For the ground floor structure made out of softwood joists covered with flooring grade chipboard, you will have to pay around £16–£20 per m². Ceilings are commonly covered with plasterboard and finished with a two-coat skim of fine gypsum plaster and emulsion paint, which should come to around £18–£22/m².


Final Words

Calculating the costs of a house is a complicated process, but once you break it down, it all comes down to summing up everything that you may need. If you are not sure about your calculations, contact a specialist or turn to online calculators. It is significant to get this part of preparations right, so you have enough money to finish your dream house.



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