In the current climate it is challenging for you time-strapped investors to protect against the downside of contractors or builders proving unreliable or taking advantage.
So should you just close your eyes and cross your fingers and hope for the best?
Well no. There are things you can do to protect yourself and mitigate the downsides.
So what are they?
An architect’s Professional connection
Apart from all the obvious things like having a detailed and consistent tender pack – which helps get a shortlist of contractors so you have a 2nd choice if the selected contractor plays up. Having a relationship either directly or indirectly, like through an architect is really positive. If the contractor or builder is looking to the next project from the same architect then they will be interested in the positive outcome of the project in hand.
Time-strapped investors check visibility of a Builder’s reputation
A local reputation that matters, more so if there is an online presence. If there is no social media footprint or website, or review site presence, then there is less visible accountability. If there is no means for feedback and review there is less of a conscience.
And a medium to long term outlook on business is important. This means they’ll be interested in the next contract and be more motivated to do decent work for you and behave with decency and integrity. If they are simply jobbing, they may have no real vested interest in the outcome or producing a great result. And when the going gets tough, it is easier for them to walk away.
What are your experiences of finding and working with contractors and builders?
If you want help on your property investment journey then get in contact +44 (0) 1932 849 536 or e-mail firstname.lastname@example.org
My business focuses on helping time-strapped expats and busy business people who don’t have the local presence, or capacity, to acquire the ‘right’ properties for them. Property Venture® is an award-winning, Boutique property consultancy that finds the right investment properties for clients.Tags: builders, Buy to let, investment property, Risk & Reward