Tips for building in challenging times
Property prices falling; interest rates rising: all this creates a lot of uncertainty for those planning to renovate or build in 2023. However, it is not all doom and gloom if you take your time and partner with the right people to help you navigate through these challenging times.
Risk and Reward
Although property prices are on the decline in many parts of Melbourne, they are still well above pre-pandemic levels and a period of adjustment is perhaps inevitable after the dramatic increases seen recently. And despite the recent spate of interest rate rises, these are also still relatively low compared to rates seen in previous challenging economic environments.
If you are planning to live in your property for at least another 5 – 10 years, investing to add space and add value, particularly in established areas, is still an extremely worthwhile consideration. If you feel that your home is no longer meeting your needs (or never quite has), you need more space or just want to update the 1990s decor, now could be the perfect time to start planning your home renovation or extension.
Time frames for a renovation or extension
Did you know that a significant portion of the time taken to complete a renovation or extension is spent in the design and planning phases? Before a builder can even begin to provide a cost estimate, you will need some drawings and plans that translate your ‘vision’ into a realistic and achievable project.
By the time concept designs that reflect your individual lifestyle, needs and budget have been prepared, approvals received from Council or other authorities and detailed technical drawings completed, between 9 and 12 months could have passed. And that’s even before you find out that your preferred builder has a 6 month waitlist!
Prepare early
Preparing early means that you will be ready to press ‘start’ on your project as soon as financial conditions stabilise and supply and labout shortages ease. Don’t wait until there is a mad rush and everyone else is trying to find an architect or builder; you may find that it is not as easy as you thought. If you start the process now, you will have the luxury of time on your side to make decisions and evaluate your options to ensure you are getting most value from your designs.
Remember there are always opportunities to press pause if time is on your side. Get the design and plans right and ensure you are on track with your budget before you start the construction process, rather than rushing into it during the next period of a rising, heated market where there are more pressures on you to act fast.
Professional Architectural Help
Once you have a professional Architect on your side to help you to review your options, provide reliable and up to date information on design, costs and the approvals process, the way forward will seem a lot clearer.
If you would like to discuss your plans with an experienced architect, please get in touch with out Principal, Harriet for a free telephone or zoom consultation to see how we can help.
Contact us on (0439 991 887) or send Harriet an email at hl@jdaarchitects.com.au. Alternatively book a consultation through our online contact form.
