Reasons To Hire A General Contractor For Your Rental Property
Property managers and landlords perform several duties to keep the rental property habitable. Doing so helps protect the investment, boosts the curb appeal, and increases its value. The rental property business is highly competitive.
You need to stay ahead of your competitors by performing updates to attract and retain renters. Different people renovate their rental property for several reasons. However, it would be best to know the appropriate time to upgrade your property
When should you renovate, update, and upgrade your property
Keeping a rental property in good shape may be tasking. However, it will be less tedious if you know when to perform upgrades. You may approach it in two ways: by replacing each outdated item or having a timeline schedule for upgrades.
- When you notice outdated items
You may decide to perform updates when some appliances or fixtures are worn. Plumbing, flooring, electrical, roofing, and so on have different lifespans. You may update each aspect as they near the end of their lifespans.
- Timeline upgrade
The rule of thumb is that you should update your rental property at least every five years. However, the frequency may vary depending on the material’s durability, trends, neighborhood, and renters you intend to attract.
Six reasons you should hire a general contractor for your rental property
Renovations, upgrades, or updates require professional execution. It is not an opportunity to try doing it yourself. We recommend that you hire a general contractor. Below are some reasons you should do so.
1. General contractors have more skills and expertise
Knowledge and skills are necessary for construction projects. For this reason, you should not handle any construction project yourself. Whether you want to replace the windows, update the roof, add a new bedroom, or install a kitchen, you need someone with adequate experience. This is the only way to protect the rental property’s integrity and guarantee an up-to-code improvement.
Every property is different. However, a general contractor has in-depth knowledge of various projects and how to execute them without problems. If you try doing it yourself, you may encounter issues that will lead to a waste of money, resources, and time.
2. Construction work is time-consuming
Renovating your rental property is not a project you should rush. It requires adequate time and attention. As a landlord or property manager, you already have many responsibilities. It is not advisable to add construction projects to your busy schedule.
Even if you have some free weekends or vacations, you can use that time for other beneficial aspects. Most construction work takes longer than expected and your free time may not be enough to see it through. But when you hire a contractor, you have more time for yourself and your business.
3. Connection to vendors
Most construction work requires more than one pair of hands. You may also need specific tools and construction materials for the projects. A general contractor has access to the right vendors, tools, and equipment. They will prevent you from working with unreliable vendors who delay jobs or execute them poorly. General contractors know that bad vendors will negatively impact their project. So, they only go for the best vendors.
4. Save money on materials
General contractors purchase wholesale materials. As a result, they get several choices at better rates than what landlords or property managers will find. General contractors take advantage of bulk purchases to obtain better prices from companies and distributors.
Their established connections with those distributors will also help you get discounts on several items. That means you will save money and can use it for something else in the renovation project.
5. Handle licenses and permits
Some projects require execution from licensed professionals. Depending on your neighborhood, you may also need to obtain permits for some construction work. A general contractor knows projects that will require professional licenses and permits.
They also know when to apply for the authorization so that they will be no delay in the renovation project. Most people who perform these projects miss this aspect and receive fines that incur extra expenses.
6. General contractors offer warranties
A do-it-yourself project comes with no warranty. That means you will have to spend more money to fix any problem that develops after completing the job. However, the general contractor provides a warranty covering future issues. Your general contractor will fix the problem without demanding extra money. That gives you peace of mind and helps curb expenses.
The bottom line
To stay ahead of the competition and preserve your rental property, you should conduct frequent updates and upgrades. These may be on a need-to basis or based on your timeline schedule. Hiring a general contractor will give you peace of mind and prevent expensive mistakes. Furthermore, you also get a warranty for the project.