Why is demand for extensions and properties high in 2022?
Demand for property extensions has surged since 2020, and demand in the post-pandemic property market continues to be high. Both increases stem from the pandemic-induced need for space; when stuck at home during lockdowns, people realised their desire for more space and had time to mull over home improvements.
How long will it take to build an extension?
Expect building an extension to be a lengthy process. Currently, lead times for builders are at their longest ever, with the pandemic causing a backlog of building projects and material shortages. Many builders are booked so far in advance that they are refusing new work.
If you manage to find a reputable builder with availability, setting your extension in motion can take time too. You must have all relevant building surveys carried out, have plans drawn up by an architect and apply for planning permission. The process of planning approval can take up to 13 weeks – and even longer if any neighbours object to your plans.
Will an extension be worth the cost?
Due to the increased demand and supply chain issues, the cost for building work and materials is at an all-time high.
Pre-pandemic, the cost of an extension per square meter ranged from £1,500-£2,500, and the cost is likely to be even higher now. If building work takes longer than planned, as is often the case, you can end up paying more than you were originally quoted for.
Don’t forget other costs associated with an extension, including architect fees, property surveys and planning permission applications.
It’s not guaranteed that an extension will increase the value of your property by enough to recuperate the cost of the extension. With outdoor space now a top priority for many homebuyers, extending outwards and losing garden spare footage can actually devalue your property and make it less appealing for future buyers
With the cost for work and materials so high, extending is not the secure investment it once was.
Moving home is the better long-term option
For many homeowners in 2022, moving home will be the better option for long-term satisfaction. Extending in the current climate is a costly, lengthy process, not to mention the chaos during the build period.
With the property market losing the urgency of 2020 but maintaining high demand, now is a great time to put your home on the market and invest in your forever home.
Speak the local property experts at Jordan & Mason to discuss selling your home in the Salisbury area.