A Chat with Julian: Is Now Actually a Good Time to Renovate?
If you’ve been thinking about renovating but have been holding off, you’re not alone. Knowing when to take the leap can be difficult, especially when considering the cost of building, availability of trades and uncertainty around the market.
So, is now actually a good time to renovate? We sat down with Stony Creek Partner and Project Manager Julian to get his perspective on the current building landscape, where renovation costs are heading and what homeowners can do now to make their future renovation as smooth as possible.
With extensive knowledge of the building process and years of experience managing complex projects, Julian brings a calm and practical approach to every renovation. Here, he shares his honest take on why waiting may not necessarily mean getting a better deal, and why starting the process sooner could put homeowners in a stronger position.
Is there an advantage to renovating now instead of waiting another year or two?
“Yesterday is always the best time to renovate,” says Julian. “Prices go up and we never see them come back down. So, the best value you will see from a renovation is now.”
While it’s impossible to predict exactly how building costs will move in the future, Julian’s experience is that waiting doesn’t necessarily mean costs will fall. Instead, the current market is providing something that has been harder to come by in recent years… greater stability.
Do you think renovation costs are likely to decrease in the near future?
“It’s unlikely we’ll see a decrease in costs in the near term,” Julian explains. “Although demand has eased a little, all our trades are still busy.”
Rather than seeing significant price reductions, Julian describes the current market as one where costs have somewhat stabilised.
“It currently feels more like we’re not seeing huge price spikes, but prices have somewhat stabilised”
After several years of substantial price increases, this period of greater consistency can provide homeowners with more certainty when planning and budgeting for a renovation.
Have material prices also stabilised compared to a few years ago?
There has also been a noticeable improvement in the consistency of material pricing.
“Material prices are in a better position than a few years ago,” says Julian. “We’re having a lot more consistency in where we cost materials before a job to what they cost 12–18 months later when we’re finishing a project.”
For homeowners, this consistency can make a significant difference. Renovations are long-term projects, and greater certainty around material costs can make it easier to establish a realistic budget from the outset.
What does the availability of quality trades look like at the moment?
The availability of trades remains mixed, but Julian says Stony Creek’s established relationships put the team in a strong position.
“We’re fortunate that we have a deep pool of trades that we’ve developed a strong relationship with, over a long period. This certainly helps with our ability to stick to a build schedule.”
For homeowners, choosing a builder with an established network of trusted trades can be particularly valuable. A renovation involves coordinating many different people and stages, so reliable trade availability can play an important role in keeping a project moving.
When does renovating make more financial sense than moving?
For Julian, the decision isn’t necessarily about whether renovating or moving is cheaper.
“It’s maybe not about which is most cost effective, but more about what you get for the money,” he says. “Dollar for dollar, you’ll always get closest to your dream home if you’re renovating. Everyone has unique needs and tastes, so a renovation means you can tailor a home to suit the needs of you and your family.”
Rather than compromising on an existing property or starting again somewhere else, renovating allows homeowners to create a space around the way they actually live.
Which renovations typically provide the best long-term value?
According to Julian, increasing the amount of usable space can provide some of the strongest long-term value.
“Any increase in bedrooms or internal or external entertaining spaces gets the best bang for your buck, long-term value,” he says. “A refresh on a kitchen or bathrooms can definitely help bring a property into this century.”
However, if return on investment is the primary consideration, Julian recommends keeping broader appeal in mind.
“Niche or ultra luxurious (expensive) projects are going to see the smallest return. The broader the appeal, the better return you will see from it.”
Where does Julian see the renovation market heading?
Looking ahead over the next 12 months, Julian expects the current period of relative calm to eventually shift.
“We’re currently in a period that’s a little more relaxed than previous years,” he says. “Both international and domestic challenges are playing their part in keeping clients hesitant to build. When the caution wanes, the limited supply of trades will become apparent again and I think we will see pressure on prices.”
So, should you renovate now?
For anyone sitting on the fence, Julian’s advice is straightforward: “Now is the best time to renovate. This is the most stable we’ve seen the building market in years. People are a little hesitant to build currently which is helping with the limited supply of trades.”
And even if you’re not quite ready to start building, his advice is to start preparing.
“Start the process now, there’s a lot of hoops to jump through before the build even starts. The more prepared you are for the renovation, the smoother the process will go.”
For homeowners considering a renovation in six or twelve months, that preparation could mean starting conversations, developing ideas, understanding the scope of the project and getting the planning process underway.
Because when it comes to renovating, the build itself is only one part of the journey. The earlier you start, the more time you have to make informed decisions, prepare properly and create a home that works for you.
Thinking about renovating?
Reach out to us today.