It seems to be accepted that when appointing a contractor to do work on an investment property that the cheapest quote is always the best. This accepted rule of thumb couldn’t be further from the truth.
We have found that the cheapest quote is not necessarily the best quote at all.
When appointing a contractor to do work on your investment property we take into consideration a host of factors determining contractor’s suitability to do the work.
Other than price the following must also be taken into consideration:
– Is the contractor licensed to complete work for that trade?
– Is the contractor insured? If the contractor is not insured you carry the risk.
– Can the contractor provide references for similar work that he has completed?
– On work such as refurbishments, have you been given a start and completion timetable?
– Is the contractor going to complete the work himself, sub contact the job or oversee other employees to complete the work?
– Have you confirmed the materials used and any warranty periods applicable?
The above may seem a little over the top, but all too often we have seen investors appoint a contractor on price alone and ignore the host of variables to be taken into consideration when appointing a contractor most suitably qualified to do the work.
We always suggest to investors to take the time and care in appointing a contractor as you would appointing a contractor in your own home.
Although we may present a quote to you for work that may seem a little high in comparison to some, the above must be taken into account in order to protect your interests, the dollars invested and your property.