So you’ve done the market analysis, determined your property is in need of renovations, you’re OK with the payback period – what’s next? The calculations you used to get here should have had you obtaining bids from contractors so you’re all ready to go, but which one to use and when to do it?
On selection of the contractor, I cant stress enough how important it is to truly vet them and not always just go with the least expensive.
Especially when trying to work around tenants, timing is one of, if not the most, important elements of the selection. Be sure to thoroughly explore the contractor’s past work and talk to past clients. Remember, quality is important, but construction schedule and on time delivery are right up there. There is nothing worse then a contractor who continually delays.
Read more tips about choosing a contractor. Click Here.