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Two different questions - I think the answers are in turn “no” and “yes”. It’s not just about the cost of materials and labour, it’s about the risk that unpredictable supplies of both pose to your project.
If your builder goes bust during the job, for example, you basically write off the expenditure to date and start again from scratch.
I’m also trying to create a nice place to live rather than profit - but if the cheaper way to do that is to move then I’m glad to avoid the headache and risk of a project. If my place was more special / unique than a Victorian mid terrace it would be a less mercenary decision.
NickCJ
We’re planning our extension this year. Don’t really have a frame of reference for pricing, or comparison to pre-covid-global-supply-chain-war-shitstorm. I suppose as long as we don’t exceed the road “cap” then we’re still ok, just won’t make as much profit when we sell. Tbh I’m just making a sick pad to live (laugh & love) in rather than try to make money so meh. Whatchagonnado.
Will the prices ever go down? Will there be a “better” time to do work?
I guess availability might get better, but then it’s probably like weddings. All delayed by covid so now there’s a year or two backlog. Guess some people will break up / decide not to sink 40k on a kitchen in that time. Suppose we should do the work before either of those happen.