1. PURCHASING A PLOT OF LAND
According to data on www.plotbrowser.com, the median price for a plot of land with building permission in the South East of the UK is roughly £1,200 per sq. meter.
Which means that a plot of land for a generous 3-bedroom detached house, sitting on an average of 120 sq. meters has a price tag of £144,000. This is going to be your biggest cost along with the construction of the house.
There are two main types of land for development in the UK – Brownfield land and Greenfield land.
Brownfield land already has a building on it or has had in the past, whilst Greenfield land is previously undeveloped land such as a field. Developing on both types of land is possible however it usually easier to get planning permission on Brownfield land, which you would need in order to build a house.
Some land comes with permission attached but this usually makes them much more expensive.
Before purchasing any land there are other costs to consider like having a site survey and soil analysis which we covered in our blog “Never Make These 3 Mistakes When Building a New House”.
Seeking advice from a conveyancing solicitor experienced in land purchases is also highly recommended and will be covered in another blog, sometime in the future.
2. BUILDING YOUR HOUSE
According to data from the land registry, https://landregistry.data.gov.uk/app/ukhpi, the average asking price for a detached home in the South East of England hit £566,612 in November 2019, an increase of 1.6% compared to the year before.
At Avant-Garde Construction, we can build very comfortable, generous sized 3-bedroom properties starting from £350,000.
There are many construction methods to choose from and picking the right one for you will depend on your finances, planning permission and design.
The standard options available in the UK at present include timber-frame, steel frame, brick and block and structural insulated panels (SIPS).
There are also some fancy ECO-Friendly options like Porotherm HP clay and “Passive Housing” which has a higher initial cost but is much cheaper to run than a traditional home as it requires little energy for heating or cooling saving even up to 90% of energy.
The price of constructing your property will also include exterior finishes such as any cladding or rendering that you would like or require.
It also includes choices over roofing tiles (double roman, interlocking, clay, slate, pantiles, plain, etc), decking (traditional timber or composite), patios, driveway, paths, retaining walls, landscaped gardens, and exterior lighting.
3. INTERNAL FINISHES
Adding the finishing touches to the interior of your home is the jewel in the crown.
Primarily, the lady of the houses’ area of expertise, you will be spoilt for choice when deciding on the finishes and we would suggest setting aside at least £100,000 for finishing the interior of a generous 3-bedroom detached home to a high standard.
Interior finishes include everything from flooring, skirting, doors, windows, windowsills, and every single light switch and plug socket in the house.
It also includes decorating, lighting, bathroom fixtures and of course the heart of the home, the kitchen.
This really is where you can add personal touches to your home and let your family’s personality shine through.
At Avant-Garde we can offer close collaboration with our clients when choosing their finishes, so you can expect to receive a personal, professional service from us right through to completion of your home.
So, based on the figures above for a generous sized, well finished 3-bedroom detached home, you’d be looking at spending around £350,000 which in comparison to the average price of £566,612 for a second-hand home that probably needs some sort of restoration, we’d say once again that building your own home trumps buying all day long. Plus based on these figures, you’d save £216,612! Isn’t that incredible?