A high-end home is a significant investment, so it’s important to improve its condition over time. Whether you plan to pass your property down the generations or sell it in a couple of years, implementing property improvements can make sure it stays competitive in the real estate market. After all, what homeowner wouldn’t want their property to appreciate?
In this article, we’ll explore the top strategies for managing property improvements, from making sure you have enough money set aside, to tips on overseeing minor and major projects.
Benefits of Improving Your Estate Over Time
Improving your property can be time-consuming and costly, which is why some estate owners choose to postpone this task or not do it at all. However, it can actually benefit you in more ways than one:
- To maintain its luxe status. Over time, your property will show signs of wear and tear that will make it less luxurious than it once was. Improving your property will allow you to create a space that suits your tastes, provides you with the functionality you need, and as a result, supports your lifestyle.
- To increase your property’s value. Certain property improvements have the power to increase your estate’s value over time.
- To improve your property’s overall appeal. When executed correctly, property improvements can improve your home’s visual appeal and make it more attractive to potential buyers. Even if you don’t plan to sell it at the present, maintaining its condition can prevent its value from diminishing over time. Remember that buyers will be more interested in well-maintained homes!
- To enhance your home’s comfort and functionality. Over time, the amenities that your home came with may become less efficient and fail to maintain your home’s comfort levels. Fortunately, property improvements can rectify these issues so you can continue to live comfortably in your home.
- To maintain your home’s safety and security. Property improvements such as investing in a security system (e.g. CCTV), installing smart locks, and fortifying your fence, can make your home more secure.
Tips on Budgeting for an Estate Improvement
It can be exciting to carry out a home improvement project, but before you call your property management company or contractor and tear down the walls, be sure to create a budget! A budget will allow you to spend within your means (yes, no matter how many millions you have in your bank account), and make sure you still have money set aside in case of unexpected setbacks.
Below, we’ve put together a few tips on budgeting for a property improvement:
- Research, research, and research some more. Unless you’re in the construction business, chances are that you aren’t familiar with current construction costs. Consult Google to find out how much your project, regardless of how minor or major, may cost. Note that this will only be a ballpark number, but it should be able to give you a good idea of whether or not you can undertake certain improvements.
- Prioritize your property improvements. Which property improvements are most important to you? If you’re working with a small budget, list down what you’d like to get done first to avoid feeling overwhelmed. For example, if you’re expecting a new family member, it may be best to use your money to build a new bedroom, rather than to repaint the exterior.
- Request multiple quotes. Don’t go with the first contractor you find—unless, of course, you’re working with a property management company that has a trustworthy vendor pool. Otherwise, be sure to obtain multiple estimates from contractors—this will allow you to compare costs, and evaluate what each contractor brings to the table.
- Consider labor costs. Labor costs run anywhere between 20%-40% of the total construction cost. Note that the price for labor will vary by area, vendor availability, and other factors, so be sure to ask your prospective contractor to include it in their breakdown. Be wary of contractors who offer low estimates, as this often means that they’re cutting corners on labor.
- Budget for unexpected costs. Complications may arise during home improvement projects. To account for these unforeseen costs and ensure you stay on schedule, don’t forget to include a “buffer” in your budget. Most contractors and property managers suggest setting aside an extra 10%-15% for these unexpected costs.
Tips on Overseeing Your Estate Improvement or Renovation Project
After you’ve set a budget and have chosen the best contractor in the business, be sure to follow these tips. That way, you can ensure that your estate renovation goes according to plan.
- Discuss the details with your contractor. Sit down with your contractor to iron out the details, particularly the target completion date and any accommodations you’ll need to make, like closing off a certain part of your home. Make sure to ask if you and your family members will be able to continue with your day-to-day activities, or whether you’ll have to move in the meantime.
- Hire a property manager. If you don’t have the time to coordinate with your contractor, consider partnering with a local property manager. Not only will they act as a liaison and relay your instructions to your contractor on your behalf, but they’ll also oversee the work to ensure that it meets your expectations and that it’s completed on time.
- Ask for regular updates. Maintain constant communication with your contractor or property manager to ensure you’re on the same page, and to immediately deal with any issues that may arise. Don’t forget to agree on which mode of communication to mainly use, whether call, text, or email.
- Inspect the work from time to time. If you’re conducting an extensive property improvement project, it pays to visit the site once in a while. That way, you spot potential concerns early on, and give your contractor enough time to resolve them.
Partner With an Estate Management Company to Oversee Your Projects
At Luxury Property Care, we provide contractor waiting services, which are designed to give busy homeowners such as yourself the freedom to focus on other priorities, while we deal with all your property improvement-related duties. We’ll be with you every step of the way to ensure that your project is executed with attention to detail, in strict accordance with your contractor’s commitments, and that the final result exceeds your expectations.