How Much Will My Project Cost?
Making sure the money is there for what you want to build is probably on the top of most people’s list before starting a project. Clients are often surprised how much it’ll cost. Prices will vary for a number of reasons and a true figure for a project cannot be provided until it’s gone out to tender, and you get prices back from the contractors. It’s good to know from the outset that expectations can match the reality. If cost is king, having a basic idea for what you can get for your money allows an Architect to develop a proposal that is broadly in line with your budget. The below provides a good steer in what to expect from a cost perspective.
Ground floor extension: As a basic design principle, in Surrey and the surrounding areas, depending on the quality of the proposed finishes (tiling, flooring, wallpaper etc) you should expect to allow for the following:
Standard Quality- £2,000- £2,300 per m2
Medium Quality- £2,300- £2,600 per m2
High Quality- £2600-£3000 per m2
These figures are just for the built works and do not include fixtures and fittings because these can vary dramatically. You may have specific areas, such as the kitchen, that you really want to splash out on!
Two storey extension: Going up another level doesn’t necessarily mean double the price. If you’re building on top of a ground floor extension, there’s only one foundation and one roof so the cost can be reduced for the upper floor by 50% to 60%. It may however, take a bit more effort to navigate through planning depending on the type of property and its context.
Consultant Fees: Clients often forget to allow for this in their budgeting. Depending on the complexity of the project, you should allow for around 10%-15% of cost for consultant fees (Architects, Engineers etc).
As an example, if you’re building a 3mx10m rear extension, you would be adding an extra 30m². With a new kitchen and WC, you should be looking at budgeting the following…
£70k-£120k for construction works depending on your level of finish and fittings.
£8k-£15k should be set aside for all consultant fees.
An extra 10% should also be allowed for contingency. Extension and renovation projects, especially on older properties, are always likely to rustle up some unexpected and unwanted surprises that you won’t know about until works begin.
When it comes to aspiration, it may be the case that you can’t afford to finish all parts of the works to the quality you want. Phasing the overall project might be a solution, especially if it’s your forever home. When it comes to consultant and planning fees, getting all the applications and drawings in place for the whole work in one hit is a sensible and cost-effective approach. You could then build out the shell and core, completely finishing key areas, decorating the rest as and when cashflow allows.
A basic understanding of costings can help you have a realistic expectation of what you can achieve. It’s always painful watching Grand Designs and then halfway through, the money runs out! Building an extension will always be a stressful time, but it’s more stressful when you’ve started and then you realise you won’t be able to finish. If it means taking more time to save up, changing the time frame through phasing, or reducing the scope of your project, it’s worth it if it means you can enjoy the process and build the dream home you’ve always wanted.
