How much will my build project cost?

This is probably the first question that will come into the mind of anyone planning a home extension or renovation.  Unfortunately, despite what some areas of the internet may suggest, this is not a question with an easy answer.

You will not be able to get a reasonably accurate answer until you have plans that can be priced by a professional. But plans that can be priced will take time and cost money. Without knowing what is possible for your budget, how can you make final decisions on what should be included in your plans? It’s the classic chicken/egg situation.

You do need to start somewhere though and the best place is to work out your budget. What do you want to spend on the whole project? “Whole” being a key word here. There is so much more to think about other than the core construction element. For example, in addition to the core building works and a contingency, depending on your project you may need to allocate budget to other areas, such as:

• Professional fees (architect/surveyor/planning/building control)

• Specialist paint

• Landscaping

• Glazing

• Kitchen

• Bathrooms

• Flooring

• Tiling

• Lighting/media

Although having to think about all these elements can feel daunting, the good news is that a lot of the above you can work out for yourself and get a really good idea of how much you want to spend on each element of your project.

For each of those above, there will be a solution that fits best to your project and your budget. For example, you may have a straightforward kitchen extension that just needs an architectural designer, or you may be planning a big extension and remodelling that would be better suited to a registered architect.

When it comes to the core build costs, this is normally the trickiest part of budgeting.  There are some decent online tools out there which will give you a forecast cost range for the type of project you’re doing. This is about as accurate as you can get at this stage.

It is crucial to remember though that estimating your core building works is different to estimating how much you’ll spend on a bathroom. You can go online and see exactly how much your preferred bath is, but the cost of building the room your new bath will sit in is much harder to estimate accurately.

Why such a big range? Estimating tools will likely give you a forecast cost range. This is because there are so many factors that could affect the quotes for your project.  One builder could be extremely busy and therefore price it higher than another builder who may not have much on and so is keener to win your business. A builder could be vastly more experienced with a long list of satisfied customers, or use trades of a higher or more specialised quality, or offer a more in-depth project management element. There are many different factors that could mean quite a swing in the quotes you receive.

You can use more than one of these tools to get an average cost of your extension or renovation project. Remember to also allow for a decent contingency (10/15%) and then see how this affects your overall budget.

Once you have been through each element of your project and budget plan, you will start to get a good idea of how your project is looking compared to your total budget.

This is where you may (and probably will) need to make compromises to adjust your budget to make sure you have enough for what you’re wanting to do. You may have to go for a more budget friendly kitchen to allow you to allocate more to the core works. You may decide that the big landscaping project can wait so you can put that budget to core construction and save up to do the landscaping at another point in the future.

The key is being honest with yourself about your budget and what is achievable if you want to stick to the budget. You also need to be honest with any professionals you engage. Discuss your priorities with your designer for example to make sure they aren’t focussing on the wrong areas and using up too much of your budget. If you prepare and plan your finances and your budget you should be in a position to be flexible when it comes to getting those build quotes back.  They may be higher or lower than you expected, but with a properly planned and realistic budget you should be able to move things around and hopefully still be able to afford the finished project you are dreaming about.