Is Now the Right Time to Build or Renovate? Let’s Find OutBuying a Home, New Homes, Renovations, Tips and Advice
There are signs that the building boom is about to slow down. It won’t happen straight away. A lot of builders are still flat out. But it will slow. And as it slows, you may be wondering is now the right time to build your new home or renovation? The answer is yes.
Let me explain why …
All signs point to the building boom slowing over the next 6 to 8 months. The labour markets is becoming less hectic and builders have been looking for new projects to quote on. How do we know this? Well already we are getting enquiries from builders looking for work to follow what they are about to finish.
A recent article in the Australian Financial Review noted: “The figures show the home building sector is coming off its incentive-induced highs to the more sustainable levels.”
Rising interest rates play a part in this and it may leave you wondering is now the right time to build or renovate. As interest rates rise the market becomes more cautious wanting to see how things play out. But is this the smartest play? Well, we are architects, not financial advisors. You need to get your own financial advice to base your decisions on, but for me personally, I believe there is a risk in putting off your project.
There’s no guarantee that prices will fall
The cost of materials remains high post COVID. We are still experiencing a shortage of some materials. However, the slowing building market, combined with supply chains gradually recovering post COVID-19, we are see supply levels has improved over the past months.
Fuel prices are still rising, showing no signs of falling anytime soon. Higher fuel prices mean it costs more to move stock around. Those cost increases are passed on to you, the consumer. All of this points to the cost of construction going up, not down. You could find that if you wait too long to start your project, the future costs might make your new home or renovation unattainable.
It’s a considerable risk to sit and wait, hoping that prices will begin to drop. It’s entirely possible that prices will continue to increase, at best they may plateau for a period. Meanwhile, you’re stuck living in a home that doesn’t meet your needs, when you could be getting started on the design of your dream home. So if you’re still thinking is now the right time to build or renovate consider that prices are only going to increase.
North Lakes Pool and Outdoor Entertainment Area: A transformation to turn the Project Home into an oasis for their family and their friends, create a cutting-edge contemporary outdoor space that was relaxed yet luxurious and opened the home up to give the clients the sub-tropical retreat they desired.
Is now the right time to renovate or build?
The time to start designing is now. With supply getting back to a more manageable level and the labour markets softening, it’s the ideal time to get the planning, design and documentation done for your project. As mentioned, waiting too long could result in your ideal project being beyond your means. By having the planning and design done now, you’ll be in the perfect position to take advantage when the building market slows over the coming 12 months.
Important to keep in mind how long the design and approval process can take. Start now and avoid the rush. Be in a position to take advantage of more competitive quoting.
Some people are concerned about builders going broke and whilst that’s an understandable concern in some cases, there are ways to manage that risk. And certainly, those who are still operating in 12 months’ time will have come through the worst of it.
Camp Hill Home Renovation: This outdoor renovation & new extension comprises of an outdoor terrace connecting to an enclosed sunroom through bi-fold doors. This new outdoor entertaining area, with kitchenette, provides an immersive indoor/outdoor home experience.
Is now the right time to renovate? It takes time for Brisbane architects to create the perfect design
Creating the ideal design for your home or renovation, will take time. It can take several months from the time we meet initially, to getting to the point of a completed design. Then there is the supporting documentation that needs to be put together. By starting your design now, you will be in the perfect position to take advantage of a more competitive building market in the next 12 months.
To find out is now the right time to build or renovate, turn your attention to what you want out of your home design. Rising power prices have brought sustainability into sharp focus. Having a home that is high in comfort, but low in running costs is highly desirable. When it comes to sustainable Brisbane architects, it doesn’t get any better than dion seminara architecture. We specialise in creating sustainable homes that cost little to run, but don’t compromise in liveability. Two things that are going to be important considerations in the coming years.
Renovated Queenslander Home, Hawthorne: This 1920’s Queenslander in Hawthorne had been previously renovated but the results were not working for the current owners, who felt that the ground floor layout did not suit their lifestyle. We designed a new downstairs layout with greater indoor/outdoor connection.
Get the best Brisbane architects working on your home design now
It stands to reason that the more time you allow for planning and design, the better the design outcome will be. By starting now, you will have ample time to get the very best designs for your needs.
Waiting too long is a considerable risk. Contact us today, let’s discuss your needs and have your design created so you’re ready to get started when the time is right.
DION SEMINARA, DION SEMINARA ARCHITECTUREWe are experts at home design, renovations and new homes and ensure good value for money outcomes.
Hi, I am Dion Seminara, practicing architect and licensed general builder for 30 years as well as an environmental sustainable design (ESD) expert. I graduated from Queensland University of Technology (QUT) with honours, QLD in 1989. Registered as an architect in 1991 and registered as a builder in 1992, I am also a fellow member of the Australian Institute of Architects (AIA). Having received 12 ArCHdes Residential Architecture Awards, LJ Hooker Flood Free Home Design Award and the 2016 AIA Regional Commendation for Public Architecture, my expertise with both residential renovation (to all types of houses, especially Queenslanders, 50s/60s/80s), new contemporary homes and luxury residences has earned me a reputation as one of Brisbane's architectural specialists in lifestyle design architecture, interior design and landscape design.