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So, having spent nearly three years gaining planning (via appeal process) and then fulfilling the conditions set by the authority, we are all finally ready to go, fully deisgned and spec'd- only to find the estimates I'm getting from Builders are way higher than original estimates. An estimated £450k build cost for a GDV estimate of £740K. Equates to around £2750 p sq m- towards the upper end of the UK range but we are in Oxfordshire so possibly to be expected and the other budget estimate was £550k! Much as we'd like to progress with the build it seems financially at least, almost foolish to do so when the local agent tell us the plot is worth £280k as it stands (although I have my doubts about this valuation). Ultimately, we just need to make a decision but I'm struggling with this and would welcome any constructive (no pun intended) thoughts as to the options: We see them as : 1. Carry on trying to find a cheaper builder: if succesful likely to hold greater risks and any significant improvement seems unlikely. 2. Don't use a main contractor, manage the project and sub contract ourselves: no experience, prospect makes me nervous! 2. Wait for build costs to come down - Will they? before our planning expires in 2 years? 3. Put the plot up for sale and see what value it achieves and then review. I suppose the price will depend on how much cheaper a developer could build than I'm being quoted?
