If you are an investor for the first time or one for the millionth time, what you need to know to hire a contractor is the same. Here is a list of items that you should consider when you’re trusting someone else to perform work at a house that you own, on your behalf:
Is the contractor licensed?
The license required depends on the type of work that will be performed. BEC Innovations is licensed as a general contractor, for both residential and commercial. We also have countless trade partners that specialize in specific trades, scopes, and skills that we can call on when we feel like they are better suited for the project. The benefit of hiring through BEC Innovations is our expectation of quality, our large network of trade partners and the care and attention we provide to every. single. client.
Does the contractor have the end result at the front of their minds for all decisions?
You have purchased this house because you either want to renovate it to live in, to resell or to rent out to others. Those three scenarios require different products and finishes. Something that you love in your home may not be well-received in a resale situation. Beautiful, upscale tile wouldn’t be the best choice for a rental. The end outcome needs to be a part of the first conversation or else someone isn’t going to be happy, and chances are that it will be you as the homeowner and investor.
Does the contractor understand the value of time?
Every contractor knows that every hour costs money. That is a part of our business. But what a contractor who hasn’t been an investor may fail to understand is that the longer an investor holds any given property, the more money comes off the bottom line in interest payments, insurance, taxes, interest on the money that an investor isn’t earning on the future income; and that doesn’t even take into account the next property that comes along that you aren’t ready for because your current property isn’t sold. Time is money, but opportunity is money too – and your contractor had better understand the cost of missed opportunities.
We hope that this list of items to consider when hiring a contractor is helpful and shines some light on what we bring to the table. We are qualified, knowledgeable and responsible contractors who understand your struggle and have invested in several properties ourselves. This business can make or break investors, and who you have as your trusted partners matters.