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Not only will building materials have taken a big price hike due to Covid and other supply chain issues you may also experience significant delays in actually getting hold of certain materials (and tradespeople) in the current climate.

As an architect you should really be in an ideal position to take on such a project. Being on the cost side of things I'd be looking at the unforeseen risks, what you might find when you start ripping the place apart, and trying to make sure I'd got enough money in reserve to cover them. Again...