This week in the Examiner, Kieran McCarthy of KMC Homes discusses the options for getting your build project completed with inflation and the rising costs of materials.
Q. We have planning permission in the last year for a 2,100 sq ft house in a sort of ‘’H’ shape that planners seem to like right now. The problem is we haven’t the money now to finish it out because of rising costs. Should we start and go as far as we can? It’s a single story design with bedrooms in one half. We are renting at present, and have our first child, she’s two.
A. Thank you for your question. It is truly frustrating watching the rising building material costs at present and I have yet to come across any economist/investor who has a full handle on the situation. Most are looking to historic markets as a means of understanding our predicament but our current circumstances are somewhat unique and though we may be over the worst of the pandemic, thankfully, we don’t as yet know how the war in Ukraine will fully play out. I am not fully au fait with your particular circumstances (your ages, other family circumstances etc) so I have to make a few assumptions here. What I propose to do is to advise you as if you came into my office with your drawings and budget dilemma.
My general advice to a young couple is that your most precious time is time at home with your children (because they will eventually grow up and leave home).
There are, however, many factors at play here so let’s look at the various frame types in detail and how they may affect your decision in a new home build.
As such I always feel that the earlier you build a home (so that young children can grow in their attachment to it) and you can enjoy this time of your life. You also get to enjoy living in a better home, designed around you and your family, for longer.
To this end, it appears that the biggest issue you have is a budget issue. So, you have designed a ‘H’ shaped bungalow. Again, not being privy to your design journey to date, this is an expensive building to build for two key reasons.
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