Budget concerns

Idrive

So we employed an architect for our home extension.
Our budget was 80/100k. It was advised that we needed to stretch to 120/130, to complete the build.. and are currently near enough to organising those funds.

Our lender has asked our architect to fill out a costing now for the work and its risen to 160k. We simply can't go to this level.

Does it mean we are back to square one and need to review all our plans.

sydthebeat

how have you come to that 160K figure?
has it gone to tender?

MisseyB

God, that's shocking. Did the architect explain why the costing is much higher than the figure you gave him initially?

Idrive

No, we havent been given an explanation. Have left several messages, just waiting on him to come back to us.
We worked off the idea very roughly of having costed it 100 per square foot.
I know this is only an approx figure but to be honest we thought if we could just get the walls up and maybe the kitchen we could keep costs down.
The extension is 130 square feet.

It hasnt gone to tender yet - the bank need the costings before giving us approval..
Just reeling at the minute, as we have already paid our architect for the design and plans. Have worked very closely to keep the area and square footage down, as budget was always in mind.

sydthebeat

id love then to know how the architect is coming up with this 160k figure?

if they are doing it "off their own back" so to say, then they should have realised the costs during the design.
if they are using an in-house quantity surveyor then again, they should have know during the design process.

i assume you mean 1300 sq ft, not 130 ?

Strolling Bones

Just supposing now - but has the 160k figure to the lender added on non construction costs i.e. 130k construction + 30k fees aand other costs ( eg planting / kitchen applicances ). Maybe when you speak to your architect this will be the case.

Should have told you first though seems like bad communication.