For any type of property there will be three principal areas of cost where professional advice will need to be taken. These are asset value, operating costs and capital expenditure.
The biggest savings can normally be achieved on capital expenditure, by understanding what is necessary, what it should cost, who the best people are to deliver it and who should be avoided. Capital expenditure will almost certainly impact on asset value, and spending wisely can have a dramatic effect. It is not just the market that has an effect on capital value.
Now that we are entering more straightened circumstances, many clients may want to achieve better value for money.
It is surprisingly easy to do this, says Savills. For example, a simple benchmarking exercise can identify where either too much is being spent, or possibly too little.
Within a business, there are usually measurable outcomes while with a private house these can be less obvious. Nonetheless, it is possible to judge whether a house is good value for money in relation to the facilities and amenities it provides.
While consultants fees are never welcome, it would be surprising if the advice did not pay for itself quickly, if not instantly.
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