When you become a property investor, hiring a good builder can be tough.
When you make the decision to become a property investor and build a property portfolio one of the hardest elements is to find a reliable builder you can build a trusting relationship with.
Many consider doing the refurbishment work themselves, as the saving in costs is very tempting. However as far as housing is concerned, you really don’t want to find yourself in the position of having to give up your time, it will probably take you three times as long as a builder to get an unprofessional result. In addition is your building regulations knowledge current?
Have you considered all the many health and safety implications? What would you do if in error you make a mistake, it might end up costing you more money and trouble than it would have had if you had hired a skilled builder.
Therefore taking all of these considerations you have decided to allow a builder to undertake the refurbishment of your property investment.
However, your work as not completely finished, finding the right builder with experience in the work you require, at a competitive rate, is no mean task.?How can you find the best builder for your property?
Often overlooked confirm if the builder in a trade body – the Federation of Master Builders, the Guild of Builders and Contractors, or the National Federation of Builders?
Previous work, your builder should be able to provide references?
How many projects similar to yours has the builder completed, there is a difference from refurbishing a property to use for yourself and refurbishing a buy to let investment property. Do they have any formal qualifications? Many investment properties will require several trades to come the work, you need to ask if builder use sub-contractors?
Never take for granted any documents that the builder shows you regarding insurance these are very easy to replicate. Always ask for a detailed quote and what any additional items will be charged at, normally it’s either a day rate or per item. Should you need substantial structural work make sure you have a contract drawn up with clauses if the builder runs over the agreed time period.
Your builder should be able to provide a schedule of works with agreed stage-payments. It needs to be documented that all work meets building regulations, according to a council inspector. Are you keeping the final payment until the work is complete and snags rectified?
You can now see why our customers come to Fossey Taylor as these are just a selection of the things you should pay attention to when hiring a builder. Therefore, as you build your portfolio of investment properties you can imagine how complicated it can get sourcing several builders for many properties, all at the same time.