The dreaded cost overrun

I guess in a way it was always going to happen, despite our best efforts to avoid it. The Quantity Surveyor has just shared his schedule of costs with us, and it’s way over both budget and the initial estimates that we’d been given.

It was a stomach wrenching moment when we worked our way down his itemised spreadsheet and realised that the costs were about 30% over what we’d been led to expect. With some big costs, such as the utilities, not yet factored in…

And so late in the process! Too late to feasibly change anything big.

Having tried to control costs as much as possible by buying a ‘turnkey’ solution from a reputable firm of architects, we’ve been scuppered by the quotes from their builders for the groundworks, access road and actual build of the house.

Although the SIP kit is a fixed price and estimates for the erection were provided, their builder has come in with quotes way over what was initially estimated.

We’re now faced with challenging those figures, and if we can’t get them down to a reasonable level, which I think unlikely, potentially trying to source another builder. Not an easy task on the island where builders are scarce and already over-subscribed with work for the year. We may have to spread the net more widely.

And if costs still prove too high, we may have to do some of the work ourselves to make this in any way affordable.

There is a definite feeling that some of these figures are what we call “London” prices. (Ah, they’re from London. They must have loads of money and will accept any cost that we give them.) That’s a bitterly sad thought, and one that I sincerely hope doesn’t prove to be true.

Let’s see where this next week takes us…