You would be surprised how often an interior designer or anyone in a trade would decide not to work on a large project such as a mansion refurbishment or something similar. They are jobs that require too much investment in both materials and labour, and often it can result in significant complications that could delay payment that is owed.
The last large project that I had completed was a mansion design in Adelaide. There was nothing specifically wrong with the mansion itself, or the homeowners of the mansion. There wasn’t even much wrong with the project itself. However, when discussing big jobs there are a few additional worries that are added into the overall job itself.
The first is the sheer scope versus the funds the home owner actually has. In this case, the home owner was paying for his refurbishment through inheritance that he hadn’t collected yet. This is an issue, as with inheritances it could take anywhere from a day to two years before they can receive funds. Especially if there is dispute over the will.
We were unfortunately only told after the project was near completion, so we essentially decided to strip half of the work that had been completed to turn the mansion into a relative mess until he had paid. This is not unprofessional as you may think. Since the raw materials had already been purchased in my own business’ budget, this was essentially the only option available. If he decided he then had the funds necessary to complete the project, we would know that we get paid.
It took much longer than what we would have preferred to finally get paid. It took a total of 3 additional months of chasing for the payment to be complete, and we went about fixing the sabotage we had caused earlier, while also ensuring his project was completed to the standard he was looking for.
Definitely contact a Financial Advisor if you want to find out more information about how you could afford a property like this!