We want to help you make informed decisions, quicker.
That's why we've introduced the Build Costs Calculator in LandFund, so you can now compare your construction costs against industry averages.
Where can I find the Build Cost Calculator?
Head to an existing appraisal (or create a new one) and scroll down to the Build section. Here, you'll see the Build Cost summary and the average build cost for your sites' geographical location will automatically calculate.
How do I connect a site to the Build Cost Calculator?
There are 2 ways you can do this:
Pull the site directly from your Sites Pipeline in LandInsight
Manually enter the postcode of the site
Watch the clip below to see exactly how to manually enter a postcode for your site:
What factors does the Build Cost Calculator consider?
The calculator considers:
Regional variance
Gross Internal Area (GIA) of the development
Build quality level (Economy, Medium, Premium)
How does the calculator consider geographical location?
Connect a site directly from LandInsight, or manually enter a postcode, the calculator will then consider regional variances. This regional variance is determined by the proximity of the site to 9 major labour markets. These markets are:
Belfast
Birmingham
Bristol
Edinburgh
Glasgow
Leeds
London
Manchester
Newcastle
What do each of the build quality levels mean?
There are three different build quality levels available to choose from. By default, the calculator is set to a 'Medium' build quality level, however you can easily change this to suit your development.
Economy: specifications typical of student accommodations
Medium: specifications typical of a larger house builder
Premium: above average specifications, such as luxury apartments
What costs are included within the calculation?
Great question! The calculation includes:
Materials
Labour
First fix
Second fix
Contractors' margin
Preliminaries
It doesn't include:
Land purchase costs
Utility works
Groundworks
Site works
VAT, if applicable
Client direct costs
Professional services
How do I manually alter the Gross Internal Area (GIA) of the development?
We calculate this figure by looking at the total Net Internal Area (NIA) for each unit entered into the Income section of your appraisal. To amend this:
Head to the Income section and check the NIA for each unit is correct
Scroll down to the Build section
Use the drop-down to select the unit groups you'd like to include
The Build Cost Calculator will update automatically
Watch the video below for a quick demonstration.
Can I switch between Imperial and Metric measurements?
Yes! Head to the toggle in the top right of the appraisal tool and you can choose your preference. This will update instantly across the full appraisal, including the Build Cost Calculator.
Where does the Build Cost data come from?
Our industry partner combines data from various sources to provide us with the most accurate information. These sources include:
Independent research
Development projects
Surveys
Market leading construction cost authorities
The data is refreshed annually in May of each year.
We hope this helps, if you have any feedback or would like to ask a question then you can start a support chat while using LandFund.