Renovate or Convert - Build cost calculator

Construction costs for a new home vary depending on the quality of the specification, the size, the number of storeys and your own level of involvement, either in managing the build or in undertaking some of the building work. You can get a quick estimate of the likely cost per square metre (£/m2) for your project by using The H&R Average Build Cost Guide (download the pdf below)*.

The guide is based on figures researched by the Building Cost Information Service (BCIS) of the Royal Institution of Chartered Surveyors (RICS) for the purpose of estimating rebuilding costs. The Guide to Rebuilding Costs is available priced £45 from RICS (020 7222 7000). The H&R figures are adjusted to remove professional fees and demolition costs which are not always applicable to homebuilding projects.

The average build cost figures provided are based on houses built using standard block or timber frame construction methods. They are not applicable to the following:

1. ground conditions requiring specialist foundations
2. steeply sloping sites
3. special design features, e.g. oak frame or large areas of glazing
4. houses of a very high-quality specification
5. renovation or conversion projects.

The Build Cost Guide: Your Questions Answered

How does Homebuilding & Renovating come up with the figures in the Build Cost Guide? Several years ago we established basis figures, based on a survey of all the case studies that appeared in the magazine, adjusted for our own experiences and knowledge. These base figures are then updated monthly using the Rebuilding Cost Guide indices published by the Building Cost Information Service (part of RICS).

How do I measure my intended new house? Gross internal floor area is the measure we use (the most common in the industry). It’s the area of a building measured to the internal face of each perimeter wall for each floor level. It includes areas occupied by internal walls and partitions.

Do the figures include VAT? If you’re self-building you won’t pay VAT on labour or materials, so the figures quoted below don’t account for VAT. Don’t forget that you’ll need to account in cash flow for the VAT you’ll pay upfront and be able to claim back later under the 719 scheme.

*All figures correct as of October 2008

Further reading:

• How to Finance Your Renovation
• Renovation - What will it cost?
• Renovation - Your Step by Step Planner

Attachment	(click to download)
	Build Cost Guide Dec 2008.pdf