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Good contractors are worth their weight in gold for owners and investors in real estate! They will do the job for you at a fair price and that their ownership looks great, increasing its value! Moreover, if you are an investor and long-term relationships with reliable contractors, you can receive a discount in their services, saving money in the long term.
Bad contractors, on the other hand, can cost you dearly, not only in terms of money, but (to the investors) in terms of reputation too. The scam artists to prey on homeowners in particular. They use inferior materials, finding infinite ways to collect money, leaving jobs unfinished and so on.
Obviously, if you are a homeowner or a real estate investor, you want to avoid bad contractors at all costs. Therefore, here are some common-sense guidelines to help you choose the quality of the individuals or companies.
Guidance 1: Make sure that contractors are licensed, bonded and insured by the State. Also, check with the Better Business Bureau.
Guideline 2: Apply at least three references, contact these references and ask their opinion about the work done by the contractor. Also, ask if you can see results.
Guideline 3: Ask around! If you are an investor, ask other investors about the contractors. If you own a house, check with the neighbors and ask to see the work done by contractors in their homes.
Guideline 4: Ask for offers or proposals from contractors and evaluate with care. The price is a consideration, of course, but should not be the sole criterion for accepting an offer. You want quality work delivered at a fair price.
Contractors to avoid
The scammers are infinitely inventive defraud people of their money. However, here are some common contractor scams to take into account. (Most of the scams are targeted at homeowners, but investors should also be alert to other, more sophisticated fraud.)
Scam Tactic # 1: The contractor is explained by a low price that indicates the material is left over from another job. He or she starts work, and everything looks good. But then, he says he needs extra money to buy more materials. Once you provide the money disappears, and you work remains outstanding on your hands and empty pockets.
Scam Tactic # 2: The contractor asks all the money upfront. Once you have it, disappears. You can avoid this scam by paying the contractor only for each step is complete.
Scam Tactic # 3: The contractor estimates that a low price for building materials or repair and then uses poor to get the job done. Using the services of a local building inspector to prevent or identify this type of fraud.
Scam Tactic # 4: contractor charges a fee to make an inspection of work and the drafting of an estimate. He says the fee will be applied to the cost of the work. Once you pay share, never returns. Reputable contractors do not charge for inspections or estimates.
Scam Tactic # 5: The contractor "low ball" you. This means that quotes a very low price for the work you do, and then hits you with a bill far beyond the original quote. If you protest, he becomes belligerent and claims you did not read the contract right and often the bullies with the threat of legal action. So, to avoid this fraud, get a written contract before work begins and be sure to specify clearly the work to be done, eg concrete and the cost, time, dates, etc.
Key Point: Use common sense when selecting contractors. Follow the old adageif proposal sounds too good to be true then it probably is!
About the Author:
Jack Sternberg is a nationally recognized expert on real estate investment who’s been in the business for more than 30 years. Sternberg’s deals have totaled over $750 million and he’s been to the closing table more than 1,500 times. For more, visit http://www.askjacksternberg.com
Article Source: ArticlesBase.com – Common Sense Guidelines for Selecting Building Contractors
