tatler-experts’-corner:-how-do-i-own-a-luxury-property-without-spiralling-costs-or-sleepless-nights?
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An owner should carefully consider whether it is appropriate to appoint a property manager. A PM can absorb the worry and headaches, and avoid a situation where the owner stops enjoying their home because of problems or the constant management of contractors. The role of any manager should be to ensure that the appointed professionals and contractors have the right level of expertise for the job, and your home is regularly inspected or monitored to stay ahead of maintenance issues. This can be as simple as making sure software updates are completed on any hardware or equipment, or clearing gutters and drains before that inevitable torrential downpour of rain!

Which brings me neatly onto the matter household insurance, where we are seeing insurers becoming increasingly reluctant or difficult when covering homes that are only occasionally occupied, assuming it might be a second or third home. Many insurers are now insisting on leak detection systems or that the water is turned off when the home is unoccupied. Having someone undertake weekly inspections at a minimum, both from a security and insurance perspective, is in my mind absolutely imperative. Not least, it provides the owner with the all important comfort and peace of mind that their home is being cared for in their absence.

You wouldn’t buy a yacht without a full time captain or crew! A luxury property, although they come in all different shapes and sizes, requires a consistent and professional level of care and attention all year round. I’ve seen clients fall out of love with their home because they find themselves constantly on the front line managing contractors and scrutinising costs or deciphering advice or recommendations.

Ultimately owning a luxury property should be an entirely enjoyable experience, there is no reason it shouldn’t, but it is a significant asset that demands and requires constant care. My three p’s (and an ‘m’); proper management provides peace.

For more first-rate guidance on all the questions involved in buying a high-value property visit the Tatler High Net Worth Address Book.

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