Madness to embark on major extension/renovation?

[Glendora]

We just got planning permission for our major extension and renovation work. This will give us the much-needed space in our house that was bought as a doer-upper. But, it would be madness to continue in the current climate, wouldn't it? Or would it? Concerns are - our savings have taken a hit from the stock market fall and what if the economy completely tanks at some point in the next 18months and we are left with no savings (planned work will use up half of our pre-Corona savings pot) and also the risk of being left with a half completed project due to total lockdown or builders/contractors going bust or getting ill during the work. But on the other hand, we really need the extra space. Especially if we're going to be spending more time at home over the next 18 months.

I wouldn't. You concerns are incredibly valid. It's just too risky.

We are waiting for drawings from our architect for our project but we won’t be going ahead this year now as planned
We do t want to use our savings up and if we have to isolate or are even cutting unnecessary contact we don’t want a house full of builders

You'll be left with a half completely extension, don't do it!

Madness to embark on major extension/renovation?

Yes.

Sigh, yes you're all right. I would say the same to someone else.

Here's hoping our ancient boiler and electricity system survives another year +

We've already started so don't have much choice! If we hadn't then I'd probably be delaying until things were clearer. If I was you then I'd maybe get to building warrant stage but hold off getting quotes until it's clear that people will be able to work again and which builders will still be in business!

Could you get the boiler replaced if it is still going to sit in the older part of the house? You can always put a bigger boiler in that would cope with the extension.

We have just started and frankly I'm pleased we have. At least we have a builder willing and able. Yes of course they may have a longer build if they hit delays, but it's keeping them in work. Worst thing would be they go out of business.

We started last week and I’m glad as well, we both work in the nhs so no worries of job security, and it’s giving the builders work that they desperately need.

I have planning to build a house. Was going to start next month but completely shelved now. It was tight and difficult anyway and meant borrowing lots of money.

I’ve decided to wait it out. I may need all the money I have.

That's what I'm mostly worried about @Vinyl. We have a big chunk of savings, but almost entirely invested in stocks and shares, so it's taken a big hit due to market slumps. My job is relatively secure, but not totally guaranteed. I'd hate to spend hundreds of thousands on this project and then find myself out of a job in 9 months time and our savings totally wiped out by the cost of the building work + stock market crash.

Re. replacing our boiler. We can't really do it separately from the building work. The boiler is moving to a different part of the house, new pipes need to be laid, we need a new central heating system. It really all needs to be done together, in one go.

Don't do it yet.

I was due to start our extension next month and have contacted builder today to cancel. I've asked them to do my roof replacement instead though as I was going to get that done next year, but it's still money in their pocket now but a relatively quick job to get done.

Two sets of scaffolding gone up today in our SWLondon road - loft conversions and back infill extensions. Presume a large deposit msy already have been given to the builders

We paid a £250 deposit. It’s more about just getting on with it. These people NEED to work!

Same. I’m in a secure job but the economic aspect of this will be huge. I’d have to be loaded to risk my safety net atm. We just have no idea what the World will be like in a year.

I think we’ll see a better picture within a month so maybe cancel and reconsider then.

I know people need work but we as individuals also need to protect ourselves. I’ve worked my arse off to get to this point. I have to make the wisest financial decisions I can at the moment.

We are going to ask our builders to postpone. It's supposed to be a complete renovation of our flat. We were going to move out to a rental property for 3 months. Also the project manager is just over 70 so without him it won't work smoothly.

We are hoping that he will cancel as we feel bad to do so.

We saw our first set of plans today at the architects, not ready to submit to planning yet, so very early days for us.

I'm really not sure what to do, but for now, we'll carry on with the planning bit and see what happens.

Our jobs are far from secure, but the house is too small and we have £££ in the bank to pay for it. We've also got two young adults in second year at Uni, if they need to move back home after graduating (which must be more likely with coming economic downturn), there isn't the space.

Tricky decisions :(

It’s disappointing as it’s how it all starts - people hold back :(

If you have just got planning permission there is still a fair amount of things you need to do before you start. Structural drawings will need to be drawn up, then you can start meeting with builders and get in some quotes. This can take ages. You may also need a party wall agreement.

I think from getting planning to starting was easily a year for us. The builder you chose may be busy and you have to wait 6 months. Planning the kitchen took a lot of work, you can get lots of plans and quotes while you are waiting.

Yes, good point fruit. I'm talking to the architects next week and our plan right now is to proceed with the next stage with the intention of starting work in 6-12 months. In all likelihood that's when it would have started anyway given what needs to be done prior to that.

I wouldn't want hordes of builders tramping in and out of my home at the moment. Trying to keep it clean and germ-free.

Our project manager is self isolating and the builder is too. Work was due to start on 20 th April and we were moving out. They thought they might be able to start in August. Sad but predictable news.

We are half way through ours. We are doing all the external bits, walls and roof but may hold off knocking through for a while as our new kitchen which is coming from germany is delayed.