Mistakes to avoid when estimating the cost of building a luxury home

When undertaking the project of building a luxury home, it is essential to take into account several aspects in order to avoid mistakes that may increase costs. Estimating the construction cost is a crucial aspect in this process, and it is necessary to avoid certain common mistakes that can arise. In this article, we will analyse the most frequent mistakes that are made when estimating the construction cost of a luxury home in Mallorca and how to avoid them.

Inadequate building permits

One of the most serious mistakes that can be made when estimating the cost of building a luxury home is not having the proper building permits. The regulations in Mallorca are strict and it is necessary to comply with all the legal requirements to avoid possible sanctions and delays in the building work. In addition, it is important to hire a competent architect or engineer who is familiar with the local regulations and can correctly handle all the necessary paperwork.

Underfunding

Another common mistake when estimating the cost of construction is to underestimate the budget required. The construction of a luxury home involves a considerable investment, and it is essential to take into account all the associated costs, such as materials, labour, professional fees, permits, taxes, among others. In addition, unforeseen events must be taken into account and the initial budget must be increased to avoid running out of funds halfway through the construction.

Forgetting utilities

One aspect that often goes unnoticed when estimating the cost of construction is the connection to utilities, such as water supply, electricity, gas, among others. It is important to take these costs into account, as they may vary depending on the location and characteristics of the house. In addition, it may require the installation of additional systems, such as water wells or renewable energy systems, which should also be considered in the budget.

Estimating the cost of construction

Finally, another common mistake when estimating the cost of construction is not having the advice of specialised professionals. It is essential to hire an architect or construction company with experience in the construction of luxury homes, who can make an accurate and detailed estimate of the costs. In addition, it is advisable to request several estimates before making a final decision, as this will allow you to compare prices and choose the option that best suits your needs and budget. In conclusion, when estimating the cost of building a luxury home in Mallorca, it is essential to avoid the mistakes mentioned above. Having the appropriate building permits, correctly estimating the necessary budget, taking into account public services and counting on the advice of competent professionals are fundamental aspects to carry out a successful project. However, it is important to remember that the construction of a luxury home may involve unforeseen costs, so it is always advisable to have an additional margin in the initial budget.

Estimating the cost of luxury home building depends on a number of factors: your own specific vision, where you want to build it and who you trust to get it right. It is so complex that Epic Constructions in Mallorca, in the last three years only 31% of construction projects were completed within 10% of their budget.

If you want to be in that 31% and still achieve the perfect result, you'll have to do the legwork and solve problems before they arise. To help you, here are some of the most common problems that arise when estimating the cost of building a house and how you can avoid them in this article feel free to call us at Epic Constructions in Mallorca.