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In India it is more common than any other place, that client usually runs out of money before construction of his bungalow is complete. So we at homeplansindia.com consider that a well thought out cost estimation of your house plan is an essential element of house construction and cannot be avoided. If you have a well planned costing of your house design you will be able to distribute your funds evenly across the duration of the project, ensuring you can complete your bungalow as intended. Imagine if you built your dream home but ran out of money to install any windows and doors, or any toilets and sinks!? Understanding the costing of house design is probably the most important step in constructing your own bungalow. In this article we will cover the key elements to consider when creating your own cost estimation of your house plan. 1. Land Cost Buying land is likely to be the first cost you will encounter on your journey. As this is a fixed cost, it is easy to work in to your overall cost estimation. However don’t forget there are usually legal fees and taxes to pay on top of the value of the land. If you are making this cost estimation of house plans before you have purchased land we recommend you speak to some local realtors who will be able to give you a guide price to use in the costing of your house design. 2. Paperwork The amount of paperwork that is required in constructing your own bungalow is often something that surprises people, costing significantly more than expected. This can vary from state to state so be sure to check locally what you will need and the associated costs involved. You are likely to need various surveys and ground tests as well as planning approval and a building licence. Try and find out what you will need to spend as early as possible and include it in the cost estimation of your house plan. 3. Architectural Design Choosing the design of your bungalow is the most exciting part of the construction process for most people. If you going for a custom house plan then it is worth to get a custom fee proposal for your design requirement so that it can also be included in your overall house construction budget. If you are employing an architect then their fee will vary according to your design, typically costing 5 - 9% of the overall construction budget. An alternative to hiring an architect is to purchase readymade home plans that fit your lifestyle. Choosing readymade house plans will provide you with a fixed costing of house design to include in your cost estimation plan. 4. Construction Construction costs will vary greatly based on the complexity of design, the location and the desired level of specification of your bungalow. The usual method to establish an initial costing is to speak to various local building contractors and ask them about their usual “Costing per Square Foot” for the type of property you are interested in. This will give you a great ballpark figure in the costing of your house design. It is a good idea to get this “Costing per Square Foot” before you start the design process. If you are using an architect they will use this cost to design a house that can fit within your budget, or if you are buying ready made plans you will know how many square feet of built space you can afford. Once you have a price you can insert it into the cost estimation of your house plan. While this method of costing your house design is only an estimate, when you come to agree the actual fee of the Construction Contract with the builder there are various different types to choose from that will effect the overall costing of your house design. 5. Finishing & Furnishing Typically the building contractor’s “Costing per square foot” will include all built work such as: walls, floors, ceilings, roofs, windows, doors, electric cabling and plumbing. All other items are budgeted for separately in what is known in the industry as Fixtures, Fittings and Equipment (FF&E). In the costing of house design this includes everything else your house will need: light fitting and bulbs, sinks, toilets, faucets, showers, oven, cooker, fridge, freezer, furniture etc. In the cost estimation of your house plan this is the most difficult cost to predetermine and one where people frequently find their projects costing more. At the early stage of your “Costing” process you can use an estimated figure in the cost estimation of your house plan. However after you have a detailed design it is a wise choice to list every item that you will need to complete the build and associate with a fixed cost. Contact your local suppliers with a list of what you need and they will usually be more than happy to send you a detailed cost break down. Summary So there you have it, the five major costs associated with constructing your own bungalow. While the design of your new home is the aspect you may approach with the most gusto, be sure to stay on top of what all is going to cost you. It may not be as much fun as it sounds but a good cost estimation of house plans is an essential part of the building process. Remember to find out all the costs as accurately as possible before you begin construction to avoid any nasty surprises. Making a detailed cost estimation of your house plan will, not only make your life easier and less stressful throughout the construction process. Services by HomePlansIndia.com If you do have your house plan ready and are planning to start with the construction, then maybe you would like to check with us once and we can prepare a Cost Estimate for you. This should give you a 90% correct estimate of your house construction expenditure and you can be rest assured to be within your budget. Do write to us at homeplansind@gmail.com |
