How much will my construction project cost?
Construction costs can vary significantly depending on scope, complexity, and specification. This page will help you understand how to set a realistic budget for your building project, even before you commission drawings.
So, how much will it cost to build my project?
The first question we’re always asked is: ‘How much will it cost to build?’ The honest answer? It depends.
There’s no such thing as an ‘average project.’ Even simple builds come with a host of variables. That’s not very helpful if you’re trying to decide whether your project is feasible, is it?
The good news: we can help you get a rough, realistic starting figure using a proven approach.
Set your budget before you set your heart on the design.
Let us tell you about Mr X. He came to us last year looking for project support from tender through to completion. He already had a design he loved. His architect had captured everything he’d dreamed of: beautiful, bold, bespoke.
They’d never once talked about budget.
Mr X’s first question to us was, ‘Can you tell me what this is likely to cost?’ We did. The answer: at least £2 million.
His budget? £500,000.
The project never made it past the first stage. And Mr X was devastated.
Start with your brief—and your budget.
Mr X had the budget. What he lacked was experience and a design team who guided him wisely. He spent money on drawings for a building he could never afford to build.
That’s why establishing your project brief is the most important step. A good brief sets out your priorities and your constraints clearly, so your design team knows what you want, and what’s viable. Done properly, this is the single biggest predictor of a successful outcome.
If you’ve never commissioned a construction project before, it’s perfectly normal not to know what your dream might cost. That’s where we come in.
How to estimate construction costs.
To work out a rough budget, one method is to find a similar project in Spon’s Architects’ and Builders’ Price Book and multiply the unit cost by the area you intend to build.
Here are some examples from the 2023 edition:
Project Type | Size (sq m) | Estimate |
|---|---|---|
Office, basic fit-out including carpets, decorations, partitions and services | 800 | £496,000 - £632,000 |
Retail warehouse, with fit-out including display & refrigeration units, checkouts and IT systems | 1,500 | £580,000 - £742,500 |
Business park office, good quality – naturally ventilated to meet BCO specification (exposed soffits, solar shading) | 3,631 | £7,806,650 - £9,712,925 |
This will give you a realistic ballpark figure. It won’t be precise - the eventual cost will depend on many choices you make along the way - but it’s a solid place to start.
What about professional services?
Most construction projects need a team of professionals, whether that’s a full service team or just a few key advisors.
If you’re appointing an architect, quantity surveyor, project manager, building regs consultant and specialist advisors, you should typically allocate up to 14% of your total budget for professional fees.
If you're not sure how much support you’ll need, we can advise you and help you scale your team to fit your project.
Want a more tailored estimate?
If you’ve got a calculator, a copy of Spon’s, and a tape measure, you can get a rough idea of your construction costs. If you’d prefer a firmer estimate, or some support from people who’ve done this many times before, we’d be delighted to help.
Get in touch for a no-obligation conversation about your project.