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My Father and his brother own a piece of land which they are considering selling with planning permission but would also look at building on as a possible joint venture with a builder or investor.
Can anyone give me a rough idea of cost per square metre?
The site consists of 4 x 3 bed semis and 2 x 4 bed detached.
Nick, I wasn't referring to your Chelsea gaff but I understand what you mean. How long is a piece of string? I do have drawings of them (if that helps) but ultimately I know it depends on many factors.
Forget the cost per square foot until you know the market for the finished product.
Do people want sheds or palaces? What sort of finish is expected? How about size of the property? Will it have lots of rooms or large open spaces with little detail? What about fixtures and fittings?
The estimates become quite useful once you have a sense of what you are targeting. You can then look at what is on the market and you can likely get some estimates from others. Competitors might even be the right word.
Once you get down to drawings then you can start to know much more realistically what you are expecting.
The cost of labour can vary a lot across regions. The cost of materials much less so in terms of the regional difference. The material choices will drive a big difference within a region (marble vs. man-made stone, etc).
You can also get a very crude idea by looking at the places for sale that have been built, back out the land costs and other identifiable costs. Then figure the builders better have made a profit so what is left is the cost. If you can not figure out how to build for that cost the other builders might be operating at a loss even if they do not know it. Smaller builders can be really bad at knowing what they are spending.
John CoreyFollow me on Twitter-> http://www.twitter.com/john_coreyhttp://www.ChelseaPrivateEquity.com/blogLondon RE meeting, 2nd Tuesday of the month -> meetup.com/real-estate-advice
If it helps, I can give you my costs for the 7 we have just completed, along with some photos of the spec.
Drop me an email.
Stewardson Developments Ltd.
We usually start with a base figure of around £800-900 per sq m, then make allowances for: professional costs (architect, QS, land surveys), demolition, clearance, substructure, services, project management, S106, NHBC & building control. Add the cost of extra/quality fittings & equipment (eg kitchen appliances, plasma TVs and other gadgets) , and 5-10% for contingency.
I've just started work today on a 3 bed semi which is costing £670/m2.
That is a fairly basic construction with brick/tile.
A lot will depend on the type of finish and materials used.
I was quoted 25% more and had lots of quotes in between. You are in a low cost area where labour is plentiful and cheap - So the £700-800 for standard spec houses can be achieved. There are lots of builders looking for work and your patch is a lower cost base than Halifax.
If you go hi-end with natural stone / slate etc, the costs will be a lot higher.
I'm just awaiting on planning for a development of 4 x 3 bed town houses - And hope to get the lot done for £200k.
I would suspect that you'd get a builder do the 4 beds x 2 for a similar price if they were doing the whole project.
You obviously need to work backwards as to the real sale price to work out your profit.
All mine are going on rent to buy @ £150k each for the town houses - £125k for the single semi (not as good area).
Just what I needed to know great input once again Phil is it ok if I drop you an e-mail thanks?
Lisa hows the funding market looking regarding new build?I have houses/commercials I am confident I can get planning(got planning on 2 of them) BUT am very nervy about the financing and sale..
I like Glenns Rent 2 Buy way I just don' t want to tie money up especially at the moment?
Just what I needed to know great input once again Phil is it ok if I drop you an e-mail thanks?Lisa hows the funding market looking regarding new build?I have houses/commercials I am confident I can get planning(got planning on 2 of them) BUT am very nervy about the financing and sale..I like Glenns Rent 2 Buy way I just don' t want to tie money up especially at the moment?Ta.Kim
Thanks to all for the replies, especially Glenn. Phil I will drop you an email. This gives me a general price I can work with to get quotes.
As you can see above this gives you an idea of what we would be looking to build. I got it slightly wrong in the fact it is 4x 3 bed detached (not semi's) and 2 x 4 bed detached. We'll be looking to sell for minimum of £150,000 for the 3 beds and £200,000 for the 4 beds. The land is already owned so no costs there. It is in a village location with great views. I'm planning to visit the site later today to take some pics.
OK Duncan, fine.
Kim, no problem at all, email address is below.