House Building Costs Reduced By Recession
If you are thinking of extending or improving your own house, and you are lucky enough to have been granted mortgage or loan approval, or have the cash reserves gained by selling your previous house at the peak of the boom, then you should be aware that building costs have reduced by about 30 percent since mid 2007.
DIY builders today can also take advantage of the latest green technology and minimise the long term running and maintenance costs associated with their new home.
Every new house or building project is a compromise between what you really want and what you can actually afford. It is of course tempting to save on fees charged by architects and surveyors, but in practice using the services of property professionals may save you money in the advice they provide regarding building materials and methods of construction. The Irish Association of Self Builders estimate that professional fees make up around 11% of the cost of major building projects.
The majority of building projects go over budget and in extreme cases using the services of an architect may mean the difference between getting the house you want or being forced to abandon a 3/4 finished project due to unexpected costs. The Irish Association of Self Builders recommend that you add at least 20 percent extra to your estimated building costs to cover budget overruns.
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