August 5, 2019
When you hire a contractor, you will want one that has the knowledge necessary for any repairs, upgrades, and renovations. A good contractor can also help resolve renovation or rehab-related problems while staying within budget and on schedule.
It Could Be Costly to Hire A Contractor That’s Wrong for the Job
A contractor who doesn’t meet your basic expectations can cause you to lose money and time. The wrong contractor can ruin your budget and delay your rehab schedule. In addition, the added carrying costs from holding onto a property longer than scheduled can cause financial stress.
Here’s how to find the best contractor for your home rehab or renovation project:
Check Local General Contractors’ References
Ideally, your contractor should be reliable and trustworthy. While you could do an Internet search for ‘GC near me’, instead, ask people you know and trust for referrals, including those who have hired contractors and those who know contractors. Once you have narrowed down a list of potential contractors, ask those contractors you’re considering for a project to provide you with references.
Checking references is a simple task that makes a large difference both during and after your rehab project. When digging into references, make sure to inquire whether the contractors showed up to work as scheduled, whether they completed all tasks to the homeowner’s satisfaction, and whether the homeowner would hire them again. With this information, you will have a good idea as to whether this contractor is a good fit for you.
Know Your Project, Inside and Out
As homeowner, it’s vital you do your research and due diligence on what the home needs before making the hire. Be specific and clear in discussing your needs and wants for the rehab project with your prospective general contractor. A contractor’s best work is only as good as the directions provided.
Make Apples-to-Apples Comparisons
Do some research to get an idea of what a reasonable rate is for the work you want to be done. Obtain bids from multiple contractors before making your final choice; be sure to provide each with an identical request for easier comparison among contractors. This will provide you the information you need to make a straight-forward comparison in addition to showing you how each contractor approaches and bills his/her work.
Use a Contract
The best way to ensure a contractor remains true to his/her promises and his/her bid is to have both parties, you and the contractor, sign a contract or work agreement that outlines the scope of the project, specific deliverables, and a timetable to completion. Include payment rates and plans for resolving any conflict to avoid confusion later.
When you hire a contractor, you are entrusting a significant part of your rehab project to someone else. By carefully assessing the contractor who will carry out the work of your rehab project, you gain the best chance that tasks will be completed on time and according to your specifications. This saves you money and keeps your home renovation project on schedule to avoid increased costs.
Contact Bay Mountain Capital to learn more about the best ways to keep your home renovation or rehab project on schedule and within your budget.
About Bay Mountain Capital:
Bay Mountain Capital has been in business for more than a decade, closing approximately 2,000 loans. We specialize in financing all types of residential and commercial property investments throughout Texas and Georgia. Using common sense and value-added approach, we strive to incorporate these principles into our underwriting and closing processes.
As a direct lender, Bay Mountain Capital can close a loan within one day after receiving a complete file and clear title. The process generally takes two weeks for a residential loan but can be accelerated where circumstances require it.
We are primarily an asset-based lender, which means that qualification requirements are limited. Our rates and fees are among the lowest in the industry.