Building the opulent property of your dreams may be more satisfying than purchasing an existing house since you can design the property as you wish. It’s easy to get caught up in the luxurious details and forget about the increased price tag.
Let’s take a closer look at what it takes to build an opulent home.
Management
If you want to avoid contractor headaches, then it’s a good idea to outsource the construction project to a reputable company. They will handle everything from building permits and waste removal (and charge approximately 20% of your budget) to ensuring quality contractors are hired for the job.
Planning and Designing Your Property
A lot of time and effort will go into your properties creation. Choosing from bespoke or pre-existing floor plans with a developer and evaluating all the options can be both expensive and time consuming. If you’re searching for a unique house, it’s best to get a residential contractor in Cayman to consider your ideas. If you hire an experienced interior designer and a competent engineer, the price might go up a further 10% – 20%.
Location, location, location
The land on which you want to construct a luxury residence is one of the first expenditures. The price you pay for your land depends on elements like its size and location, but also think about how the land’s physical features will affect the cost of construction. For example, a lot abundant with trees will demand the removal of some trees and clearing of the land ready for development, mining a foundation on rocky soil will be more costly than average, and a site with a steep grade might need extra engineering to make it suitable for construction. If you are building on the ocean the cost of pilasters needs to be considered, this could add a further 10% onto the cost to develop, however the iconic views of the Caribbean Ocean will ease the blow and be worth the extra dollar.
Lumber
In the last year, the cost of framing can consume up to 10-20% of your budget, this is down to supply and demand, where supply slowed due to COVID-19, demand thrived with the Cayman Islands Construction industry underpinning the economy. However, lumber prices have recently skyrocketed. According to the National Association of Home Builders.
Technology and Artificial Intelligence
We are constantly seeking new technologies to make our lives more comfortable. This includes advancements in HVAC, insulation, plumbing, and electricity. LIntercoms, floor heating, indoor pools and spas are all features that can make your home more luxurious. And of course, you’ll want these things to be done right the first time. They may take up 10-15% of your budget for luxury interior add-ons. Other external systems like roofing, siding and the materials you choose will also impact your overall budget
If you’re dreaming of a luxurious home, be prepared to spend big. The cost of construction can easily extend up to 60% for materials, permits, and design fees, with labor typically making up 40%. But if you’re willing to put in the extra time and money, the end result will be a property that’s uniquely your own which you will get to enjoy.
