So you've bought an investment property. Great job. If you are happy and your tenant is happy, you are setting yourself up to have a beautiful business relationship together. That is until a problem happens. The love and admiration that you have for your investment property can be lost when problems happen. Roofs leak. Toilets overflow. Sewage systems get backed up. How much do you really love your investment property? You can come out of these disasters holding your head up high if you know how to hire contractors for your investment property. Hiring a random person that knows how to swing a hammer will not help you when what you need is a professional.
Why Hiring Professionals is a Must
Quality of work is important. In fact its very important. Professionals vary in terms of knowledge and a little research on your part can ensure that you hire the best. You have two things that you must consider when you hire someone. The completion time and quality of the work and the cost. The cost should not be your deciding factor, but it is important to help you maintain your operating budget. If you throw good money away by hiring an inexperienced worker, your unexpected problem just doubled in size. Professionals are trained in certain areas and there is no such thing as a “Jack of all trades.” If you need a plumber hire one. If you need an electrician hire one. Don't be fooled by someone that “specializes” in 20 different jobs and holds no professional license for any of them.
Check Licenses and Certifications
Every U.S. state has a public database for certified and licensed workers related to the construction industry. Hiring someone that holds valid certification or license is important. Not only do you get great work, you are often protected by liability insurance if your hired worker damages your home or his/herself. States have put regulations in place to protect property owners from scam artists that sign contracts that are never fulfilled. When you hire professional contractors, estimates are usually free and all work is detailed and invoiced after inspection of your problem is completed. You make your hiring decision after that time.
How to Pay Contractors
A fee of 20 to 25 percent up front is typically standard before work is started. This allows your hired contractor to purchase all materials and begin work within the time period specified. If your contactor hires a separate employee, this money is already included in your initial deposit. You should never pay extra because extra workers are needed after the job starts. A major red flag is when expenses start to add up more than the original quote or work is taking too long to complete. The remainder of your balance should only be paid after the work has been inspected by county or municipal authorities if required and you. Once a contract is finished, a contractor should also provide you with a small warranty in the case of workmanship error or component failure.
Following these tips will help you avoid a scam and ensure that your property is fixed fast and professionally. If you have an expert property management company assisting you, these experts can offer excellent advice for hiring contractors.