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Building a Home Polls Renovating

Renovations costs higher than building insurance rebuild costs

last year

Is that to be expected in the current climate?
I've received quotes and they are tear-inducing.
I need a big of 💪🏽 to get this started.
Would you start projects in the current climate?

Yes, things are just going to get worse

No way, house prices are set to also decrease - we're heading into recession

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Comments (6)

Daisy England
last year
What exactly are you planning? Things (both labour and materials) are so expensive at the moment. If things slow down then labour may be more readily available but increases in materials still continue, unfortunately.
Ess Vee
Original Author
last year
Loft conversion and a small single storey side extension. It's currently a 2bed bungalow. Would be creating a separate home office space; extra bedroom and ensuite and extending the kitchen. I've been surprised that I'm getting builders say that they could start work this month - but the quotes are all eyewatering.
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Sonia
last year
Insurance rebuild value is a lot less than the actual sale value of a home. I’ve just renewed my house insurance and rebuild cost is half the value if I sold it today.

Everything has gone up in price - energy obviously, food, building materials, tradespeople, cars, clothes etc. Its never ending.
Daisy England
last year
Because things are slowing down in general and we keep getting this recession word thrown into conversations people are becoming wary of spending so they’re not placing orders which is why builders are more readily available. We are contractors and have just started to notice a drop in orders therefore start times will be quicker but having said that we would still be a minimum of 2 months as opposed to our normal 4 months.

Just vet your builder if he can start immediately to ensure his work is good. l presume he/she is a recommendation or you have used them in the past. l’m always cautious of contractors who can start immediately.

l don’t think prices will go down for some time yet.
User
last year
As Sonia says, the rebuild cost is always lower than the value of a home because it doesn't include the value of the land. Interesting that builders are becoming more available. I thinks if you have the funds, then take advantage of their availability since there is only one way for prices to go in the current market. As for house prices going down, why should that matter in the short term? They always rise in the longer term, and you're planning to add value anyway.
Ess Vee
Original Author
last year
I'm just feeling jittery. I appreciate the comments and voice of reason provided.

Agree, house prices are less of a concern overall. All the builders I've contacted are recommendations and ive definitely got a better vibe and feel from a few of them.

Tjank you all!

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