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Why now is a great time to embark on a home extension or remodelling project

18th October 2022

Thinking of extending, converting or remodelling your home?


Why Now?

With economic uncertainty, rising mortgage costs, cost of living increases and higher build costs why would you start now.? 


When planning a project we must consider it as at least a medium term project. Too often clients can leave instructing their architect too late in the process and be surprised at how long it can take to go through the design process. We usually advise giving simple projects around a year to be signed off for planning and building regulations including other technical complications such as water authority approvals or party wall awards. It is also then common for established builders to have a 12 month plus waiting list.  



Whilst often projects can start before this it can be stressful for the client when the project has a tight deadline and it gets held up by circumstances beyond their control such as planning delays. Local Authorities performance in relation to planning delays in our local areas is the worst it’s been in years, some councils have taken as long as 4 months to even validate an application. We have found that in some simple applications they have missed their own deadlines and taken an additional 6 months to decide in favour of the application! 


Planning permission however lasts three years from the date of decision and is extended into perpetuity where work has begun. This gives rise to the opportunity to potentially choose a start time for the actual construction (some 90-95% of the total cost of the project) at a time when it suits you and you have confidence in the costs involved.


House Prices

The cost of borrowing is of course getting more expensive and it is likely that the ultra low interest rates we have benefitted from will return in the long term. This means that unless you wish to put a project off for the long term you are unlikely to benefit from lower rates. 


If we do experience a sharp decline in the economy it’s likely that a correction in the heightened cost of both labour and materials in the construction market will occur. This could mean that people with savings can achieve more for their money.


Given house prices are at an all time high the opportunity to borrow against them is still very strong, if you have a long term view of your property the potential drop in house prices will eventually be rectified, especially considering that in previous recessions the south west has historically recovered very quickly.


Don’t underestimate the value that a well designed extension or remodel has on your quality of life, the longer you leave such decisions the more missed opportunities you have to enjoy the potential of your home.


Ultimately failure to prepare and you prepare to fail, having your project started in good time gives you the best opportunity to take advantage of the most suitable market conditions. If you would like to discuss how we could help you plan your project contact us here for a free initial consultation. We always offer to design your project in an economical, efficient and practical way to ensure best value.

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