So, you need a new house and wondering how much it will cost to build in the North London area? You want a realistic idea, not a hazy, ‘round-about’, probably-in-the vicinity-of kind of price?
Maybe you’re an investor wanting to get into the real estate market. Is it better to build from scratch, or renovate an existing home?
You’re not the only one weighing up your options. Self-builds have become very popular in the UK, with a growing number of people choosing this option in preference to purchasing an existing property.
But the burning question is ‘how much damage will it actually do to your back pocket?’
At Combit Constructions, we believe in being up-front and honest with our clients: we don’t do hidden costs. After all, it’s your home and your money, and you deserve to know exactly what it will cost, before you sign on the dotted line.
So, without further ado, let’s get down to business and drill into the cost of building a house in the UK in 2023:
No One-Size-Fits-All
Firstly, let’s make one thing clear: there is no such thing as a one-size-fits-all cost when it comes to building a house. There’s not even a standard £/m² rate because the price depends on so many variables.
Let’s put it out there: your build cost could be anywhere between £1800 – £3000 per square meter for a home in the UK, so it’s a bit like saying “how long is a piece of string?”
One thing we can promise you is that quality builds don’t come cheap, and like any trade, you’ll pay for what you get: cheap build=cheap quality.
So, Why is Price so Variable?
What Will Influence the Cost of Building?
Here are some of the things that will affect the overall cost of your new home:
- Location: different locations across London will affect the price tag
- Land size: the size of your plot will affect its price
- Site costs: will your land require substantial site preparation before building works can commence?
- Size of the home: bigger home = more materials and labor costs
- Planning fees: planning application and building fees may apply to your build.
- Level of finish of the home: the more opulent your home is, the higher the price will be (e.g., a granite countertop will cost more than a laminate one).
Are you scratching your head now, and wondering what to do next?! We understand that the whole thought of building a home can be very daunting, especially if you’re a first-timer.
That’s why we’ve taken the time to break the process down into the steps below:
Estimation
An estimation is simply a ballpark figure, and any experienced builder should be able to look at your site and your plans, and estimate a price bracket that your build will fall into.
To make this step easier, Igor and the team have developed a Cost Calculator that will help you come up with an accurate estimation for your project. The calculator is updated regularly with current pricing etc., and will help you to make decisions based on realistic data.
However, it’s important to remember that you can’t set your budget on an estimation alone. If you’re serious about getting the ball rolling with your project, it’s time to move onto a detailed quotation.
Quotation
If your builder is a good one, preparing a quotation won’t be a quick process. It takes time, effort and experience to calculate the cost of labor and materials for every stage of your home build, so it could take up to three weeks for your builder to prepare it.
Your quotation says a lot about your builder: if he/she is a great builder your quote will:
- Clearly set out every stage of the build and the costs associated with each stage
- Include pre-build costs (e.g., site prep) if your builder is responsible for this stage
- Include a contingency amount for any unexpected costs (this is more likely to occur with renovation projects)
- Include accurate pricing for the level of finish you are expecting
If you’ve approached more than one builder, go through each quotation carefully to make sure you’re comparing ‘apples with apples.’ Beware of any builder who quotes ‘ballpark’ figures in their quotation, or leaves any ‘grey’ areas around costings.
Should I Choose the Cheapest Builder?
Don’t be fooled into basing your decision purely on price. Like any product or service, there are cheap builders and expensive builders, but it pays to remember that price is generally indicative of quality: as we said before, you’ll get what you pay for.
At the end of the day, your home is a serious investment, and the quality of the build will impact dramatically on its resale value.
Want to know more about the cost of building a house in North London? Call the team at Combit Constructions and chat about your project: we’ve got the experience, expertise and market knowledge to answer all your questions and turn your building dreams into a reality.
