How can I work out what my build budget should be?

1 March 2018 Tom Allen, Self Build Consultant

Do your research

The best place to start is to do some research. Homebuilding & Renovating's 2017 study suggests that the average build cost for self-builders is £1,248/m2 and the good news was that the average equity generated by building your own home was 29%.

The trust is that these figures were derived from a study of builds ranging from straight forward boxes to complex highly bepose properties and therefore some caution is needed before you can simply adopy these figures.

In terms of your personal requirements, a good way to work out your budget is to take a walk around the homes at our self-build show centre. Ask yourself, is this the type of house I want to live in and how would I personalise it to suit me and my family? Once you have figured out a size and style of home that suits, you can then adjust our guide figures to incorporate the personal feaurs and specification that you reuqire in your home.

Download our budget guide here

Initially, the adjustment might take the form of adding a bit here and there to the costs we show because you want a more expensive bath or particular shelving system in your walk-in wardrobe.

Managing the build

groundworkers-on-site
Once you have worked out at least a basic level of detail of what your home looks like, you will then need to ask yourself how will I get it built?

Our budget guide is based upon managing the build yourseld, however an increasingly popular option for time poor self-builders is to employ a Project Manager to manage the build on your behalf.

Depending upon the level of service required, the cost of employing a project manager could be in the region on 8-12% in addition to the guide figures we have produced. If you choose to work wiht a builder or main contractor then their costs will be higher again.
Potton_Case Study_Leese_Stone_Cottage

Browse our homes by build cost

You can browse a range of Potton homes and filter your search by design style and build cost. This should help you to get an idea about the size of home you could build for a given budget.

Visit the Gallery here

Location of the build

Potton Jenkins Home River Thames
You will also need to consider where you are building before a build budget can be finalised. It is no surprise that building a home in say the south east of England, where the cost of living is greater will be more expensive than building in the North East where labour will be less expensive.

This is simply because the trades working on your home will generally live within an hour of your site and the price they have to pay for their own homes will reflect the prices of the local market.

Finally, don't forget to include a sensible level of contingency within your build budget to reflect the complexity of your design and unforeseen costs that may arise throughout the build.

We have included a 5% contingency within our budgets as using advanced off-site manuafacturing techniques will undoubtedly be less risky and will offer cost certainty when compared to building a masonry house on site.

Guide build cost comparisons

It's an unavoidable truth that putting together a budget to build your home is a tricky task as every family will have their own unique set of desires and requirements that influence cost. Until the design for your home has been developed and until you have decided upon a route to completion you can only work with generalities and previous examples.

To illustrate this a little, some people will want a high end very bespoke kitchen and others will be happy with something more modestly priced purchased from a series of standard components. For some, a staircase is a functional thing that enables you to move from upstairs to downstairs but for others it is an opulent piece of furniture, essential in creating a spectacular entrance to their new home.

Other things impacting on costs include:

  • Location of build
  • Method of construction management
  • Specification (building performance)
  • Complexity of the design

Potton Brochure Download hi-res

Download Our Budget Guide

  • Your journey with us
  • Show centre map
  • Show house floor plans
  • Guide build cost table

Access the brochure here

Potton

Potton Head Office

Eltisley Road

Great Gransden

Sandy

SG19 3AR

441767 676400

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