The home renovation market is strong, with UK residents spending more than £50bn on projects last year. That equates to around £4,000 per renovation and was partly fuelled by the restrictions being placed upon because of the pandemic.
In London, there is a sector that only a select few can become a part of – the luxury remodel. If you own one of London’sLondon’s high-end homes, then any project you look to undertake will be a little different from a run-of-the-mill new kitchen.
A renovation of a £7m home, for example, is likely to be more expensive and bespoke, certainly more complex than simply tearing out a few old kitchen units and replacing like-for-like.
With that in mind, we have put together a guide of points to consider when carrying out your luxury property renovation.
The first aspect to consider is who might carry out your work for you. There are many tradespeople out there, and a job on a high-end property is likely to be incredibly attractive. You are unlikely to be searching for the cheapest, but instead, you want the best, so take more time in the first instance to research your possible builder.
There are plenty of resources online now to gauge feedback, but look at the builder’s site too. Do they have examples of similar work they have carried out? Can you get recommendations from other high-end customers they have done work for? Can they make an absolute commitment to you in terms of time? Be very careful in selecting the right trade, and remember, if you do want to indulge in a bit of cost-cutting to save money, do it when bartering for goods, not with the builder.
Take Expert Advice
Depending on your property and the renovation size, you may need to seek some specific planning permission before starting a job. It certainly pays to be cautious, so speaking to the planning department at your local council before undertaking as the job will be important.
If your home is older, it may be covered by planning laws, so take the professionals’ advice. If your work involves digging, taking down walls, and the like, bring in a structural engineer to assess what needs to be done.
London is littered with examples of high-end renovations gone wrong, so again do not cut corners when planning and consulting.
Budgeting and Buying
If you want to save money, you should consider doing your own procurement or at least have a hand in it. With a high-end renovation, you are likely to be using expensive products and goods, and they bring more scope for bartering in a traditional sense.
High-end goods tend to have a healthy markup, and this is where you can use your spending power to get the best price. Obtain plenty of quotes for the products you require, and be sure to play suppliers off against each other.
A merchant will relish being given a project that could see thousands of pounds spent, so use that to your advantage, in conjunction with your builder, of course.
With any renovation in a home, some protection is recommended, and even at the high-end, this is pertinent to consider. There are policies you can obtain which cover the work whilst it is being done, and if you are spending five-figure sums, then it is worth looking into.
Chat to your builder and find out what insurance they have for damages and the like. If you deem it insufficient, you can always look to protect yourself.
Obtaining insurance is also essential after the work is completed, especially for critical services you may have tapped into.
Leading home assistance provider HomeServe looks after 1.8m homes in the UK alone. They outline how you can obtain cover for specific services around the house, such as the boiler, plumbing, or electrical. That means whatever your renovation entails; a policy will afford you peace of mind after the installation.
The trick to a high-end renovation is knowing where to barter and haggle, and where to use your increased budget to good effect. A good builder is vital, so do not skimp there.
Naturally, you should also enjoy your renovation, so ensuring you have the best tradespeople, the best products, and good cover means you can have peace of mind to let your imagination run wild and overhaul your home in a style you find exciting and desirable.