If you have already decided to build your own house, you have to know that it may lead you to some problems with construction and financial process, delays on building permits and title deeds, delays in delivery of the project and etc. You should also keep in mind that building a house is primarily an investment decision and it requires careful investigation, due to the fact that most of the people can afford only one house in their lifetime.
Below you may find universal guidelines which will help you to estimate the cost of your house.
Cost of Building Plot
The cost of a building plot determines by its location. If the plot is situated close to the residential area, to the town and has nearby facilities, you should expect to pay more. It may be essential to pay all the required amount of money prior starting the construction process, as you may obtain some advantages, such as financing of the house.
In the event of the transfer of ownership you should expect a transfer free which is around 7%-8% of the market value of the plot.
Cost of the Mortgage & Finance
If you require a mortgage, you will have to pay a fee of about 1% on the mortgage amount to the Land Registry Office as well as stamp duties and other bank expenses.
There are many housing schemes in Cyprus, including Coop financing and Life Insurance finance.
Cost of Architectural Drawings
Consider on a qualified Architectural Office since an architect is a person who will design your house and supervise the construction process. An architectural fees are usually around 5%-8% of the cost of the building. A Civil Engineer is also required, as he will supervise the structural design of a building. You will have to pay for his supervision around 1 % of the cost of the building.
When discussing about the cost of the building with your architect and an engineer clear the matter of the building cost as it may not include the cost on decorative items and the fees to Authorities.
Cost of Building License
The Town Planning Department will charge for the issue of the Building Permit and Planning Permit an amount of 700-800 euros.
Cost of the Quantity Surveyor & M/E Engineer
The use of the Quantity Surveyor and M/E(Mechanical Engineer) is optional, though it is strongly recommended for large buildings.
The cost of the Quantity Surveyor will be around 1% of the building cost and M/E Engineer will require 3%-5% on the cost of the Mechanical and Electrical Budget.
Cost of the building
Many factors determine the cost of the building and all of them have to be taken into consideration by you, your contractor and architect. These factors include:
- Number of square foot that will be built;
- Number of bedrooms;
- Number of bathrooms: how many faucets, showers and bath tubs are required;
- Whether outside landscaping is required;
- Type of flooring;
- Number of doors and windows;
- Required construction permits;
- Type and number of built in appliances;
- Whether AC units are required;
- Number of fireplaces and length of chimney required;
- Countertops;
- Cabinets and other carpentry required;
- Whether garage is required;
- Type of house finish and insulation;
- Insurance;
- Wiring;
- Painting;
- Whether pool or spa is required;
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