When contemplating undertaking a significant building project, you must research it thoroughly and determine how much it will cost. You need to know what you are getting yourself into, or you could find that the costs spiral out of control and your project costs a lot more than you anticipated. There are many factors you will need to consider that can help you work out how much your project should cost, and it is essential to get this accurate if you need to get finance to complete your project. Below are some of the various costs you will need to factor into your project so you can determine how much it will cost to complete.
The Land
If you do not already own the land that you will use for your building project, and you will need to factor in the cost of purchasing it when putting your plans together. The price of the land can vary, depending on where it is located and how large it is, and if located close to a town or city centre, it can be expensive to purchase land for development.
The Designs & Plans
You will also need to look at the cost for the design and plans of the building project you wish to undertake, and you will need these plans when applying for planning permission from the local council. You will need detailed drawings of the project that show the technical aspects of the build and the aesthetics of the completed project. You must make sure you use the services of a reputable firm of architects and ensure they can help turn your dream building into reality.
The Tools & Equipment
You will also need to look at the various tools and equipment the project will require and determine the cost of these. You may need to rent or purchase various tools and equipment, from a rendering machine to a crane, and building projects require lots of specialist tools and machinery to complete. You will also find that if your project is complex due to the design or location of the build, it can increase the machinery and equipment you will need to complete your building project.
Building Materials
You will also need to price up the materials you will need to buy to construct your building, and there are many things you need to get.
You will need to factor in the cost of items such as:
- Bricks
- Cement
- Windows
- Doors
- Cladding
- Roof Joists
- Tiles
- Plasterboard
- Fixtures & Fittings
The list can be extensive, and it can be hard to predict an accurate cost for the build when the price of building materials fluctuates so much, with availability going up and down. Price the materials as accurately as possible and have a contingency of 10-15% to cover any increase in building materials.
Labour Costs
The last expense you will need to factor into your building project is the cost of the labour it will require to complete. You will require various skills, and you can consider using a building company that takes care of everything for you, including sourcing all the tradespeople you will need. Once you have the estimated labour costs for your project, you will have a better indication of the overall construction costs of your project and can get the ball rolling.
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