Another area where new investors are tempted to save money and do building work themselves! Although this is not necessarily a bad idea it needs to be approached with caution. If you have experience with building projects and you are completely confident that you can carry out the works involved, then it may be a good idea if
* You have the time to carry out the works on schedule
* If you are employed full time do you really have the spare time available to carry out renovations to a high standard? The extra completion time required does not work out more expensive than hiring a competent builder in the first place
* – If you have borrowed to pay for the costs of the work will the extra interest you have pay by taking longer to complete the tasks in your spare time be worthwhile? You are ABSOLUTELY positive you will not find that all the extra work in your spare time does not lead to cutting corners, mistakes or accidents!
-Many “do it yourselfers” have started projects themselves in the past only to find there was a lot more work than they bargained for, subsequently halfway through the job there is a tendency to make mistakes and cut corners due to fatigue, or, even worse injuries due to falls, accidents with power tools etc due to lack of concentration and tiredness – dont let this be you!
Dealing with Builders and contractors
Many of the horror stories we hear about builders arise due to poor planning and communication. When considering hiring a builder for an investment project you need to establish:
* What materials are required and who will supply/pay for them
* Other contractors that may be required i.e. plumbers/electricians and who is going to co-ordinate and pay them
* If existing fixtures and fittings, flooring, coverings, tiles, doors, fences etc need to be removed to complete work who will replace them?
* Who is responsible for removal of waste and rubbish from job/hiring skip etc and paying for it
* When payment(s) to builder become due and under what circumstances
the above list is not exhaustive but illustrates many points that need WRITTEN clarifaction from potential builders. In addition to requiring written estimates always make efforts to verify trustworthiness of builders by references and/or personal recommendation, if a particularly large building job you may want to secure the services of a qualified architect to deal with builders on your behalf.