How much do extension costs change in a recession?

[bsr]

We are planning a 6m x 4m single story extension sometime in the next 5 years. Gable roof, beam and block floor, possibly piled foundation. No rush but cash is available now. Designers have told us to allow about £30k.

We're in a well-off town where the 2007 crash never really hit and builders have always been busy.

My question is... How much do you save if times are hard (ie next couple of years when recession bites, taxes go up and we have to pay for furlough). I'm thinking the £30k will be roughly a 50/50 split for materials and labour. The materials price won't change. Professional services (survey, engineer, designer) about £1.5k.

So if we assume about £15k labour and professional services, how much does this change if work is quiet? 10%, 20%? Are there any other advantages or disadvantages of waiting? Maybe it's easier to get a decent builder?

Thanks

 

[^woody^]

Extension costs are not going to go down in the future, only up - despite your apparent advanced economic projections.

 

[Old Salt]

I dont think you will get an extension that size for 30k. Mine is roughly that size and would have been in the region of 40k (2019). We compromised and had the shell built and finished it off ourselves.

 

[Quilts76]

The price of materials is always increasing. Take a linear meter cost of timber is just gone up again so what was budgeted say 6 months ago material costs will have increased hence why companies say quote valid for say 6 weeks.

 

[bsr]

Extension costs are not going to go down in the future, only up - despite your apparent advanced economic projections.

Any chance of some rationale?

Surely with supply and demand, prices go up with demand? I certainly get better quotes for small pieces of work in Jan/Feb than I do in August.

I get the point that material costs are only likely to go one way...

 

[scbk]

Surely if taxes go up, then the price of labour and materials will go up too?!

Do you value having the use of the extension?
The sooner you build it, the sooner you can start using it

 

[bsr]

Do you value having the use of the extension?
The sooner you build it, the sooner you can start using it

New baby is in with us then can share with toddler. They won't need their own rooms for a good while.

 

[bsr]

Surely if taxes go up, then the price of labour and materials will go up too?!

If VAT goes up then yes. If income tax goes up and we're in a recession then not necessarily as demand will fall.

To phrase the question more simply... How much cheaper do builders get when there is less work around and they are at risk of sitting idle? Or are you telling me that they don't and the hit is taken by not using subbies?

 

[JP_]

If you have the cash ready, start asap.

 

[denso13]

How much cheaper do builders get when there is less work around

Prices can also go up with less work around as businesses try to keep the same income while working less.

 

[^woody^]

Any chance of some rationale

The last 100 years?

When have building costs ever gone down, actually or relatively? That's capitalism baby.

 

[tony1851]

OP seems eager to cash in on supposed builders' misfortunes in having little work...?

 

[^woody^]

OP seems eager to cash in on supposed builders' misfortunes in having little work...?

He'll be using the shiite builders then for this cheap job.

 

[johnny2007]

I know some "builders" who claim to build extensions like one you describe, in 4 weeks and for 25k.
They usually hide their inadequacy behind a limited company with no assets whatsoever.
They provide estimates rather than quotes.
Once they get the foot in the door they make their price levitate to double the estimate and take no less than 4 months to finish the job to an appalling standard.
They get everything signed off by a bent private BCO and refuse to deal with council BC.
Watch out for them.