Price increases in labour and materials is bad news for estimates that aren’t very recently completed. The ability to get the lowest price is closely associated with using tried and tested methods, materials and systems - the economy of scale associated with the best prices from merchants, contractors and suppliers is well served here. It affects material prices but, perhaps more so, builders will struggle to accurately price for things that look out of the ordinary.
However, do not ever associate these with traditional costing and lower build prices.īespoke (or even niche) design has a price attached. Innovative Construction Techniques or Design DetailsĪ major benefit of self build and renovation is the ability to engage with ‘off-piste’ techniques, innovative design and cutting-edge technology and materials. ( MORE: 7 Reasons Your Builders' Quotes are Beyond Budget) 5. Detail is the only sure way to establish prices. The aim with any provisional is to allow enough money to cover the issue, but in more cases than not, this usually being slightly on the lower end of expectations to make the initial estimates more optimistic. If your design is open to interpretation, or has large elements yet to be cleared up, using provisional sums is useful but still leads to potential inaccuracy. If something is unclear, different people will interpret it in different ways. One man’s assumption is another man’s opportunity to make money. And the accuracy of that guess is often open to the other parties’ own assumptions or guesses. If you assume something, bear in mind you are essentially guessing with a hint of education attached - that’s all. This applies to specification, methods of working, access requirements, logistical support, delivery timeslots, lead-in times - the list goes on. If you don’t know something, making an assumption is your best guess of the right solution. Build costs can vary between £300-£3,000/m2 due to the differences alluded to above - are you really comparing like with like? 3. The trouble is you are comparing your scheme to one which was built at a different time, in a different place, by different people, using different materials. Then you apply this rate to your own project. In essence, you take a previous project, measure it in m2, and multiply this cost by your new dimensions (a little more to it than that but that is the bones of it). Note the deliberate use of the word ‘guessing’. Get an more accurate estimate for your build project with our Extension Cost Calculator and Build Cost Calculator.īenchmarking is an ‘early doors’ means of guessing how much a project will cost.
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