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Why now might not be a bad time to start planning that home extension or renovation

11th July 2023

Why now might not be a bad time to start planning that home extension or renovation.


 

With rising costs of living and borrowing, it might seem like a strange time to start planning an  extension or remodel. In this article we examine why now might actually be a great time to start planning that home extension.

Time

Projects take time, even the most simple extensions may have to go through a design process, planning, building regulations, planning conditions, water authority approval, party wall award, structural design and a tender process. Even then there is a chance you will need to wait a while for builders to be able commence works. These things don’t happen overnight, many homeowners do not realise that with so many variables in the initial processes the delivery of their scheme can take far longer than they envisioned. One good example is that in Bristol city council at the moment it is taking up to 6 months just to register a planning application, extending your home is certainly not like buying a product off the shelf and needs to be considered as a medium term project.

Extension Architects

Extension Architects

Planning

Planning lasts 3 years, when you receive planning from the date that it was granted you have 3 years to start the building works, it is important to note that this is to start and not finish. Whilst planning can be reapplied for and is usually successful many clients opt to make a meaningful start such as installing drainage or foundations for the works under building control supervision to protect against changing policies and additional planning fees.

Internal remodelling projects

Internal remodelling projects

Inflation and Competition

Since Brexit, Covid and the war in Ukraine inflation and competition due to the excess demand for work, lack of supply of materials and specialist construction sector workers the cost to build in both materials and labour have sharply risen. We are finding some sections of contracting like sub contracting main contractors have suffered badly with rising costs. The good news is that the increase in the base rate is likely to ease the demand for building in the private sector slowing or even reversing some of the effects of inflation. As demand weakens availability and competition should increase, other factors such as the government considering allowing a greater numbers of EU workers would also fuel this. Ultimately this could mean that your home extension project may cost you less if procured in say two years time compared to when there was peak demand. Planning to be ready for this would seem a sensible option for those not desperate to extend immediately.

Extension Design Projects

Extension Design Projects

Interest rates

Whilst we don’t have a crystal ball most forecasters predict that the base rate will once again fall to a more sustainable level within 3 years. So if you plan to re-mortgage or borrow to fund the build it might also cost you less than at todays prices. Many home owners may have fixed rate mortgages and opt for a shorter fixed rate say for two years whilst prices are high with the aim of re-mortgaging to a higher amount once the rate has settled. For many the timings for planning will sit comfortably within this time frame.

 

Extension, loft conversions architects

Extensions & loft conversions architects

House Prices

House prices are currently dropping at a substantial rate according to data from Halifax, meaning that you may find if moving is an option, now isn’t the smartest time to switch. When you consider moving house can also be expensive with lots of wasted costs such as legal fees, estate agency commission , transport and packing, stamp duty and surveys amounting to a considerable sum that could be substantially more than the cost of a redesign of your property.

Remodelling & Extension Design Architects

Remodelling & Extension Design Architects

Joy and Need

many of our clients reflect when a project is complete on the joy their newly architect designed home brings them in their everyday use of the space. That could be the joy of cooking, living and dining in a fabulous open plan environment or the physical need for space due to an imminent arrival, growing family or the need to house an elderly relative. Great architecture for people’s homes can help them enjoy the time they spend there and the financial implications of the work is unlikely to be the top priority for some homeowners where there is a practical or emotional need for more space.

Architectural design and remodelling

Architectural design and remodelling

 

If you decide that you would like to embark on a project, why not contact Western Building Consultants for a free initial consultation to find out what can be done.

 

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