Building costs for a new property?

[d000hg]

Hope this is the right sub-forum...

Following my grandfather and parents all dying within the same three year period I'm due to receive a reasonably large inheritance of about half a million pounds. We're in the north-east so with that we can basically buy our dream house, if we can find it!

Having the money as cash also opens up another option we'd never seriously considered before though - having a house built. I'm just assuming that this would be cheaper than buying an existing house of similar size since people make a profit building and selling houses, but am I being naive?

Are there any accepted figures for what it costs to build a house - not a house as part of a larger development, not some crazy Grand Designs project, just a reasonable-sized, well-built property? We would expect not to be doing any of the work ourselves so I guess we'd need architect, project manager as well as the various trades.

Any rules of thumb for estimating cost and timescale?

 

[Cgas]

Possibly worth a post to this thread,
//www.diynot.com/diy/threads/new-build-step-by-step.443160/page-2

He's quite willing to break down into cost. Remember that's minus the price of the land and house is finished to a high standard.

 

[chappers]

do a search there's plenty of information out there on price per sqm. But put simply yes you will save a considerable amount coupled with the VAT rebates you will be able to get. Some you claim as a rebate some should be charged at reduced or zero rates by your contractors.

 

[^woody^]

Find a new build house about the same size, and take 20% off the asking price

 

[wau5]

I would say go for it... I had some land abroad and wanted to build a summer house there, spent 2 whole summers just doing nothing but building it myself with a little bit of hired help here and there for tasks I couldn't do alone+ had made the base for it /sorted out the papers the summer before that.
cost me around 18,000eur to build it in materials for 88m2 house +27m2 garage/workshop

don't have any better pic, It would have cost me 1.5-1.6x that in UK due to more expensive materials/more legal process.

I do plan to buy a nice piece of land somewhere out of the city soon and build one here in UK as well now that I have some practice.