Choose Your Contractor Wisely
If you are planning to develop or renovate a multifamily facility, your choice of a general contractor is important. The general contractor is in charge of the permits, design, supplies, building code compliance, and even hiring other subcontractors.
Without a qualified contractor, you may have trouble with the job being done correctly. Understanding the basics behind choosing a general contractor will guide you to make the best decision for your property.
Know Your Project’s Description
Before you find a contractor, prepare a detailed project description. The more comprehensive of a project description, the more likely you are to receive an accurate timeline and an accurate quote on the cost of the project.
Begin the Selection Early
When you have a large multifamily development project, you need to start as soon as possible. Sometimes, it can take up to nine months to receive approval for the development. The sooner you begin the search for a contractor, the quicker the process will be.
Research the Contractor
As with any service that you pay for, you need to do your research. All contractors should have references. Check those references and research the reviews. Make sure that other clients were satisfied with their work. Find out if anyone has had any serious issues with the contractor of your choice.
Know Your Financial Limits
Cost and budget analysis are a major part of multifamily facility development. Some contractors may charge you a flat fee, whereas others may charge percentage fees. You need to decide upfront which fee structure works best for you. In addition to your financial strength, you need to make sure that the contractor you choose has the finances to finish a project. All contractors should be licensed, bonded, and insured.
When you choose a general contractor, choose wisely. For the management of your next development or renovation, choose Complete Conversion Services. Contact us today to learn more!