Cheaper to move to a larger house probablyI was actually quoted 200k not including appliances .....crazy at the moment to think that it Would cost that much ...if no one can afford to pay those prices then people will wait it out until there is a recession and I think I’ll join them...
I've come to this conclusion myself. The market is so dislocated that (a) getting a builder and (b) paying less than the cost of actually building a house seems close to impossible.Cheaper to move to a larger house probably
Crazy stuff altogetherI've come to this conclusion myself. The market is so dislocated that (a) getting a builder and (b) paying less than the cost of actually building a house seems close to impossible.
Just quoted 306k for a 38 sq/m extension plus a deep retrofit of a 140 sq/m house. Ex VAT! Insane.
I'm now perversely incentivized to leave the country or else hope for economic collapse.
he didn't specify although I can make some uneducated guesses. Here's the high-level breakdown, ex-VAT:306k for extension and deep retrofit of a 178sqm comes in at 1.7k per sqm. Do you happen to have a quote for just the extensions and not the additional works on enhancing the current house?
| Description | Sub Total |
| PRELIMINARY | 17,720 |
| DEMOLITION AND ALTERATIONS | 19,677 |
| EXCAVATION AND EARTHWORKS | 4,555 |
| FOUNDATIONS | 20,914 |
| EXTERNAL WALL STRUCTURE | 6,664 |
| INTERNAL WALL STRUCTURE | 6,256 |
| STAIR STRUCTURE | 515 |
| ROOF STRUCTURE | 12,325 |
| STRUCTURAL FRAME | 3,351 |
| EXTERNAL WALL COMPLETIONS | 30,074 |
| INTERNAL WALL COMPLETIONS | 9,029 |
| ROOF COMPLETIONS | 9,400 |
| EXTERNAL WALL FINISHES | 8,233 |
| INTERNAL WALL FINISHES | 24,314 |
| FLOOR FINISHES | 10,122 |
| CEILING FINISHES | 11,352 |
| ROOF FINISHES | 12,787 |
| DECORATIONS | 8,535 |
| MECHANICAL | 29,130 |
| ELECTRICAL | 22,423 |
| FITTINGS, FURNITURE & EQUIPMENT | 26,480 |
| EXTERIOR WORKS | 13,948 |
You still run into the same problems though - cost, availability of professionals etc. And you can quite easily mess up the sequence that the work should logically be done in, as we don't tend to think logically about our own homes.I think for most people now, we need to look at splitting the work into stages.
he didn't specify although I can make some uneducated guesses. Here's the high-level breakdown, ex-VAT:
Description Sub Total PRELIMINARY 17,720 DEMOLITION AND ALTERATIONS 19,677 EXCAVATION AND EARTHWORKS 4,555 FOUNDATIONS 20,914 EXTERNAL WALL STRUCTURE 6,664 INTERNAL WALL STRUCTURE 6,256 STAIR STRUCTURE 515 ROOF STRUCTURE 12,325 STRUCTURAL FRAME 3,351 EXTERNAL WALL COMPLETIONS 30,074 INTERNAL WALL COMPLETIONS 9,029 ROOF COMPLETIONS 9,400 EXTERNAL WALL FINISHES 8,233 INTERNAL WALL FINISHES 24,314 FLOOR FINISHES 10,122 CEILING FINISHES 11,352 ROOF FINISHES 12,787 DECORATIONS 8,535 MECHANICAL 29,130 ELECTRICAL 22,423 FITTINGS, FURNITURE & EQUIPMENT 26,480 EXTERIOR WORKS 13,948
You still run into the same problems though - cost, availability of professionals etc. And you can quite easily mess up the sequence that the work should logically be done in, as we don't tend to think logically about our own homes.
I am actually trying to use the info we've got (and I expect these prices to be confirmed by a second builder) to frame a list of possible options e.g.
- do nothing (and hope the market auto-corrects over time, this probably means a crash
) - sell and move to a house that is 'finished' (hard to find, very expensive)
- do a few things bit by bit
That is incredibly helpful so thank you! I have certainly noticed that houses that are 'finished' are going for a premium at the minute and although are 'finished' won't be exactly to the purchasers requirement.
I have a full Bill of Quantities, as costed by the buildersQS, but wasn't going to post that in here. Those are just the sub-totals for each part of that BoQ.I noticed you don't have architects / QS costings in that, are you working with one? Are you massively changing the layout of the existing house? I did recently see some example of architects reviewing plans and suggesting alterations to reduce costs but deliver the same benefit.
Absent a wider economic crash, I agree. It's definitely a time to avoid the building market if you can.I think the price will correct to an extent without a crash as the global supply chain gets back on track, but probably not substantially enough to offset the increase of labour costs that will continue to rise.
For me I think it's key i.e. the question of how much that premium is.
My gut feel is that in my area (nice part of Dublin, coastal) it's about 200k.
I could sell my house for 800k and looking at the property register, I could buy a similar house that's 'finished' for about 950k/1000k. Which sounds mad on the face of it but would actually save me a lot of money and heartache. I have ~70% equity and ~200k cash so would be very do-able, if I could find the right property...
I have a full Bill of Quantities, as costed by the buildersQS, but wasn't going to post that in here. Those are just the sub-totals for each part of that BoQ.
The builder is working off detailed plans supplied by us, via an architect. The only professional we haven't had in yet is an engineer.
Absent a wider economic crash, I agree. It's definitely a time to avoid the building market if you can.
Yes, I think my 200k figure is reasonably accurate. I did test it out with the estate agent who lives a few doors up!You're a bit further along than me but we are in the similar areas with a similar property. My house might get 850k in current market and If I spent 200k I doubt I would get 1050k. There's definitely always a sunk cost and those finished houses are likely selling for less than the cost of works, but probably not by much in today's market.
Yes, paid a few k to our architect and also 1k to an energy consultant.Out of interest, what were you expecting the tenders to come in at? I'm assuming you paid a couple k in architect fees and maybe needed planning permission. Sounds like you weren't expecting it to be this much?
Yes, I think my 200k figure is reasonably accurate. I did test it out with the estate agent who lives a few doors up!
Yes, paid a few k to our architect and also 1k to an energy consultant.
I was expecting 250-275k. I did ask someone knowledgable to run the numbers for me and that's what they came up with.
Do you think every builder in the country is increasing their quotes? And every builder in NI too?What about those ‘wonderful‘ seai grants which should in reality be worth 25k/30k when retrofitting but what’s to stop the builder increasing his quote and you don’t benefit from the grants then.....I know there is a one stop shop scheme but you have to use one of their contractors in addition to your own builder and them it gets messy when there’s an issue down the Line......Government didn’t think it through and this is also fueling demand for retrofitting In a market with limited supplies/labour....
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