The rising cost of living is having a big impact not only on our day-to-day expenses but other facets of life. Regardless of what purchase you may be thinking of making, chances are the price has increased in the last 12 months and with prices continuing to soar, it’s no surprise people are putting plans on hold. This is especially true when it comes to building and renovating.
A mix of high costs, long lead times or general uncertainty have caused many people to let the dust settle on their building plans but if you have pressed pause for the last few years or are interested in doing a project in the not-too-distant future, now is the perfect time to reinvigorate the momentum behind those building plans or just get started for those new projects in mind.
When it comes to property development, planning is essential and can take some time so why not start now? There is so much that can be done before you start that really doesn’t have a huge impact on the budget but will put you in a position to start digging up the ground when you’re ready.
The Planning Process
Before you can start doing anything, you need to know what you want to do. Your build or renovation needs to be designed and drafted so you will need to take time to discuss your needs and wants with your building designer and finalise your plans. Professional consultants including a structural engineer and/or an energy assessor will also need to be engaged to provide information specific to your project.
Once you have your plans in place and all relevant documentation, it’s time to apply for the relevant permits. There may be instances where plans need to be adjusted to accommodate building or council regulations so time will be needed to accommodate any necessary amendments.
As the least expensive part of the property development process, and often less than 5% of total costs, there are many advantages to getting a head start on all the paperwork including more time to enjoy the design process.
What Are the Advantages of Starting Now?
While you may not be ready to spend the big dollars to start construction, by getting the planning process underway you will have a good foundation when it does come to starting your build or renovation.
Time
Your time is precious. By starting now, you give yourself ample time to do your research including design ideas, products, builders, obtain construction quotes and be fully prepared before you start. With permits valid for two years, there is no pressure to start construction now and permits can usually be extended for a further two years if required.
Money
As with everything, prices go up. While the designing, drafting, permit application fees etc will continue to make up only a small portion of costs when it comes to property development, these costs will also increase over time but if they’re already paid for, it’s one less expense to worry about when you commence the construction of your project.
Regulations
Your project will be assessed against the regulations in place at the time of your application. If you wait to lodge your application, you may be restricted by new regulations. Some of the recent changes to the regulations have been new bush fire controls; changes to zones, site coverage; and/or new landscape controls which all have an effect on what you may be able to build, the size of any development and potentially location of the proposed buildings on the site.
By getting a head start on the administration side of your property development, you not only save time and money, but you set yourself up to start on a positive note.
If you’re ready to begin your building project or discuss any aspect of your property development, contact the team at Lateral Building Design. A 45-minute “Is my project possible…?” consultation is complimentary and no obligation.
