Site with FPP build costs

caveatemptor1

Hi folks, I wonder if anyone has any experience in this area. I am interested in how people go about budgeting when buying a house with FPP? Obviously the site is put on the market at a certain price but when you approach the estate agent, do they provide you with an estimate of build costs based on the plans? Or do you simply take a stab in the dark and hope you can afford the build costs before you put an offer in?
If the build cost estimates are available, why aren’t they shared when advertising the property?

Gumbo

caveatemptor1 wrote: »

Hi folks, I wonder if anyone has any experience in this area. I am interested in how people go about budgeting when buying a house with FPP? Obviously the site is put on the market at a certain price but when you approach the estate agent, do they provide you with an estimate of build costs based on the plans? Or do you simply take a stab in the dark and hope you can afford the build costs before you put an offer in?
If the build cost estimates are available, why aren’t they shared when advertising the property?

It’s nothing to do with the EA what the build cost is as you may want a 10k kitchen and the next guy a 15k kitchen.

What you need to do it get the plans costed by a QS and then approach your lender to see if they will fund it.

brisan

Gumbo wrote: »

It’s nothing to do with the EA what the build cost is as you may want a 10k kitchen and the next guy a 15k kitchen.

What you need to do it get the plans costed by a QS and then approach your lender to see if they will fund it.

Plus get a couple of quotes off builders
However you have to accept that practically all new builds will go over budget even with Architects and QS on board
It’s inevitable and it’s how builders get their cream

caveatemptor1

That’s what I assumed really but I was wondering would the vendor have an estimate of build costs based on planning from the architect. Presumably people engage a QS before finalizing sale as otherwise it’s a shot in the dark?

ec18

I'm assuming you're asking about buying a site that has full planning permission already? or one being sold subject to planning?


Then you would have to get a QS to cost the build based on the plans that have been lodged with the local authority. Or take a risk that you can get planning permission for the house you want on a site that has already been granted permission.

Personally don't understand why you'd go through the effort of buying a site to build another persons plans on. Might as well buy a build house and save yourself time, money and stress

brisan

ec18 wrote: »

I'm assuming you're asking about buying a site that has full planning permission already? or one being sold subject to planning?


Then you would have to get a QS to cost the build based on the plans that have been lodged with the local authority. Or take a risk that you can get planning permission for the house you want on a site that has already been granted permission.

Personally don't understand why you'd go through the effort of buying a site to build another persons plans on. Might as well buy a build house and save yourself time, money and stress

Maybe there is nothing suitable in the area the OP wants at a price he can afford
It always bothers me why someone sells a site with FPP and plans to a house
Get a QS in get quotes and get it built and sold for a profit

caveatemptor1

It’s not something I ever really thought about but it seems to be something coming up more and more in my area. It’s notoriously hard to get planning here so I’m assuming that is why they are doing it, people will pay a premium for security if planning in an area they want to live.

brisan

caveatemptor1 wrote: »

It’s not something I ever really thought about but it seems to be something coming up more and more in my area. It’s notoriously hard to get planning here so I’m assuming that is why they are doing it, people will pay a premium for security if planning in an area they want to live.

Well the council have agreed that a house of a certain style and size can be built on the plot
You could
A Take the current plans to a QS and get them costed
B Go to either the original architect or one of your choosing and get a set of plans drawn up to your liking , get them costed to see if they are within budget and then submit a change of planning application
The original architect seemed to know what would pass with the council

Gumbo

brisan wrote: »

Plus get a couple of quotes off builders
However you have to accept that practically all new builds will go over budget even with Architects and QS on board
It’s inevitable and it’s how builders get their cream

You can’t really get builders quotes now as the builders need a detailed spec including structural elements and Part L compliance. You may need a provisional BER to get an accurate quote.

caveatemptor1 wrote: »

That’s what I assumed really but I was wondering would the vendor have an estimate of build costs based on planning from the architect. Presumably people engage a QS before finalizing sale as otherwise it’s a shot in the dark?

You’d have to ask the vendor but in most cases when going for planning, a detailed coating has not been done based on my experience.