The success of a rehab project greatly depends on the improvements that are made to the property. Whether you resell, rent, or live in the home, how you make the improvements is not a decision to take lightly. Obviously, many factors contribute to this decision. Are you retired with a lot of time on your hands? Do you have a full time job? Are you skilled and do you have stamina enough to do these upgrades yourself? Asses your situation and make a clear plan of how you will get this accomplished.
Your real decision will be – should you do all the work yourself, should you do some of the subcontracting work, or should you act as general contractor and manage the project? Only you can make the decisions about your life, your time availability, your energy levels, finances, and desire, along with many other factors that may pertain to you and your family’s unique circumstances.
If you do decide to hire the work done, when you speak with contractors, find out if they are licensed. Are they insured for worker’s compensation, property damage, and personal liability? Ask a lot of questions. Do they like working on investment property? Do they work alone or with helpers? How many different projects do they typically have going on?
Ask the contractor for names of satisfied customers. Talk to these people. A good idea is to see if they will let you come to their home and actually see for yourself the work that has been done. People are usually willing to let you take a look, especially if they like the contractor and think it will help to get them more work.
Whether you do the work yourself or use others to help you, keep a “punch” list. A list of everything you know needs to be accomplished. This will give you a clear vision and will act as a “to-do list” for anyone helping you.
Lastly, if you contract work, make sure to have a good written contract. The Remodelers Council of The National Association of Homebuilders has suggestions on how to make and what to put into your contracts. Don’t make the mistake of not being thorough here. Talk to people who have hired work done and find out what’s important. Many contractors work in a three stage process. One third is paid up front, one third when the work is about half way completed, and the last third when you are satisfied at the end of the project. Know before you get started how it will all play out.
Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of the best Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, [email protected] or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes forSale and Estates forSale inScottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.