How Much Will My House Cost?

As a Quantity Surveyor, this is without doubt the most frequent question I receive from someone looking to build their first home. It is also a question with so many unknown factors and variables that it cannot be answered as simply as the question suggests.

To help clients understand the variables, I often pose a comparative question: “How much does a car cost?”

It depends on the make, the size of the engine, how advanced the technology and extras are, how highly specified the interior finishes are, how big it is, and so on.

Building your house or extension is quite similar. How big is it? Where is it located? How accessible is the site? What specification and level of finish will it have? Every variable makes each house different. No matter how many one-off houses a builder completes, no two builds will ever be exactly the same.

Can You Rely on a Cost Per Square Foot?

Another term we hear a lot is the square foot cost. Again, the variables are almost endless for all the reasons outlined above.

A square foot cost can give you a very rough idea of the budget, but it is still very much an estimate. You will hear people quote figures such as €100, €150 or €200 per square foot, and they can all be right in particular circumstances.

However, you cannot simply take a generic cost from one project and apply it to your own very specific circumstances.

The square foot cost can be useful for getting an overall rough idea, but it is not a particularly scientific or reliable way of establishing the actual cost of your project.

Mechanical and Electrical Costs Can Vary Considerably

Some of the more variable costs within a one-off build are the electrical and mechanical, or plumbing, costs.

Your electrical fit-out could be highly specified, with CAT6 cabling throughout, hardwiring for sound systems and entertainment, recessed LED spotlights and other features. Alternatively, it could be a much more basic and functional installation.

The variation can be even greater with the mechanical fit-out. You might choose underfloor heating throughout, a renewable heat source, heat recovery ventilation and other high-specification finishes.

Alternatively, you could choose a more standard heating system with radiators and perhaps solar panels to contribute towards sustainability.

The cost differences between these options can be considerable, which is another reason why generic square foot rates may bear little relation to the specific requirements of an individual build.

Don’t Forget the Costs Outside the Building Contract

Another factor to consider is the direct costs that you, as the person building the house, will have to pay.

These can include professional fees such as your architect and solicitor, and potentially an engineer, Quantity Surveyor, interior designer and other consultants.

You may also have planning contributions to pay. These vary from county to county and there is no single nationwide figure that can simply be added to every house-building budget.

For example, the contribution required can be calculated differently depending on the local authority and sometimes even within the same county. This makes it difficult to include a reliable generic figure when preparing an initial budget.

Finishes, Furniture and Landscaping

When compiling a budget, other costs to consider include furnishing the house, carpets, tiling and other finishes, as well as furniture.

Landscaping is another area that is often left out of initial budgets because it can be viewed as something that can be completed after the house itself is finished. People will sometimes postpone landscaping as a way of reducing the immediate cost of the project.

Another way savings are sometimes made during a project is by leaving part of the house unfinished. For example, the ground floor may be completed while an upper floor is left unfinished and completed gradually after moving in.

So, How Much Will Your House Cost?

With all these factors and variables to consider, the question “How much will my house cost?” does not have a simple answer.

It is possible to establish a realistic budget, but it cannot be done accurately by simply applying a generic square foot rate.

A more detailed measurement of the proposed build, together with rates appropriate to the particular project, specification and location, is needed to arrive at a more accurate budget figure.

In future articles, we will look in more detail at how your Quantity Surveyor can prepare this information for you and the value of having accurate cost planning completed before construction begins.