How Much Money Do I Need To Build A House In Sri Lanka?
Building your own house can be a real uphill battle here in Sri Lanka. Due to rising inflation and import taxes, the cost of building a house has risen significantly over the past few years.
However, if you do your research right and know where to look, then you can make your own home without giving away an arm and a leg in the process.
Visit LankaPropertyWeb – the leading real estate property platform in Sri Lanka for all your property needs
Therefore, check out below for eight main factors, which can affect the overall cost of constructing a house in Sri Lanka, as of 2018.
1. The location
Factors such as whether a property is located near a city or near a floodplain can considerably affect its overall value. For example, the most expensive properties in Sri Lanka are located in and around the Colombo city and a top-grade luxury house here can cost between Rs. 300-900 Million. Conversely, the most affordable houses located in less urbanized areas can be as low as Rs. 2 Million, as of 2018.
2. The size of the land
The size of the land the house is built upon directly affects its overall value. The most expensive land in Sri Lanka is located in Colombo, Kandy and Galle districts and can go for up to Rs. 30 Million per perch, while the most affordable may only cost around Rs. 50,000 per perch, as of 2018.
3. The size of the house
When it comes to costing a house, size matters. If you’re aiming high for a spacious holiday property, then a villa or bungalow can cost you between Rs. 150-900 Million. However, smaller size properties such as an annexe or a small single-family house can only be around Rs. 2-3 Million, if you do not need a lot of space to live.
4. The fundamental design of the house
The basic house design chosen for the house can also contribute to its overall cost. For example, a traditional box shape design with only the essential facilities may only cost around Rs. 2 Million, while a more modern house with a complex design could go as high as Rs. 600 Million, as of 2018.
5. Architect/ Engineer fee
The fee charged by the designer of the house will be added to the overall cost of the home. In Sri Lanka, the “SLIA Recommended Professional Fees and Conditions of Engagement” provides guidelines on the amounts that should be charged. However, individual architects may charge varying amounts, depending on their reputation and experience. This may typically fluctuate from 1% to 8% of the overall cost of the home. Conversely, designers may also charge on a square feet basis, with Rs. 20-100 per sq ft and around Rs. 2000-5000 per visit.
6. The type of materials used
The basic materials used for house construction will constitute a significant proportion of the overall cost of such a home. As of 2018, a brick can cost between Rs. 10-15, a cement block Rs. 30-40, a roof tile Rs. 35-100, and a 50-kilogram sack of cement Rs. 960.
However, houses built using innovative materials, such as a studio unit made using shipping containers may cost less, around Rs. 1 – 2 Million.
7. The number of construction workers and the duration of the project
As of 2018, an unskilled construction worker can be paid around Rs. 50,000-60,000 per month, while a skilled worker can take in around Rs. 70,000-80,000. As a result, the number of construction workers involved, and the duration of the project can significantly affect the overall construction cost of a home.
8. Cost of basic furniture for a home
No home is truly complete without the final touches. While this may include things such as painting the home and installing light bulbs, we should also remember that essential furniture and home appliances are also required in order to call the construction project complete.
Such furniture items may include a sofa set (cost between Rs. 50,000-300,000), chairs (Rs. 3000-10,000), tables (Rs. 20,000-90,000), cupboards, wardrobes (Rs. 15,000-180,000), beds (Rs. 15,000-200,000), etc…