I only ever buy properties I can add value to. This, in my experience, is the best way to maximise profit. Particularly in this new world of high mortgage rates! However, this brings me to the wonderful world of builders.
The right builder is the difference between a property being profitable and you blowing your budget and wasting your time.
Especially as a woman, builders can be…tricky.
So, when I acquire a new property, I like to invite at least 3 builders to site to hear their different opinions. I also like to add new builders to my roster so that my old favourites don’t become complacent. If you’re starting out, I would really recommend having as many people give you their opinions on the build as you can manage.
Inviting multiple builders does a couple of things for me. First, it’s a great way to vet someone you will be handing over a lot of cash to. You want to check that you vibe with this person at the very least.
Secondly, it also helps me see the property from different perspectives, which is invaluable as sometimes I may have not considered something that could impact the build time or quality.
When I invite builders to site, I’m usually looking out for a few things:
Getting the best value
The best value isn’t always about price. I’ve had builders quote competitively just to win the project, only to start raising the prices as the process goes on, knowing that they’ve got me in a difficult place. I’ve also had builders quote on the higher end than I was looking to spend but were able to keep within that budget and deliver a great service. Sometimes, going cheap can cost you.
Rapport
Do you get on with your builder, or does he address you in a condescending manner? Unfortunately, I can’t tell you how many times a builder has spoken over me to my husband, even though I’m the one who hired him. But regardless of gender, watch out for builders who don’t listen, roll eyes or aren’t really paying attention to what you’re saying. It will only get worse once the project starts.
One point about rapport though, sometimes, people are more introverted or quiet so it isn’t always the loudest person that is the most knowledgeable. I once worked with a builder who didn’t say much but did a superb job and always provided great insight when he did speak. So be discerning.
Insight
When you invite the builder to site, does he just reply your questions or does he offer his own insight into what he thinks should be done? Some builders will only do what you have asked (or even less) while some do provide options as to the best way to go about the build but still seek your consent before they proceed.
Overall, I can’t downplay the importance of getting the right builder, so I hope you found these useful.
