When it comes to finding someone to build your property, whether that’s a commercial or a residential venture, springing up new builds or reconstructing listed buildings, it can really pay to be selective. While going for the cheapest option is often the one that appeals the most, it can often wind up costing you a lot more than you initially thought and it may not deliver as high a quality on the finish. Here are just a few of the many benefits of being selective when choosing builders:
Finding an Expert
Most builders claim “all types of work undertaken” which is great for when you want odd jobs done around the house, but if you are working on a large or specialist project then it can be extremely beneficial to hire an expert in that field. Talk to building firms who have previous experience in the type of construction you require – not only will they have a better idea of what needs to be done, but they are likely to carry out the work at a much faster pace while still keeping the quality you need.
Use Office Members of the Trade Association
Don’t get caught out by accidentally hiring a cowboy building firm who will run off with your money and a half finished building. Before you make any agreements, make sure the builders you are planning on using are a bona fide member of the official trade association – this can save a lot of problems and money down the line. All it takes is a quick phone call with the name and company number of the building firm you have in mind to put these troubles to rest.
Can They Do It?
One of the biggest mistakes you can make is hiring a builder based on a quote, rather than talking through the architect’s plans and providing them with the schedule showing when you need everything completed by. If you sense that they are ‘umming’ and ‘ahhing’ over certain features of the building, or if they offer a flat-out ‘no’ then think twice about hiring them. By selecting builders who are optimistic about the design and agree with the time scale you put forward you have a much better chance of the work being completed to an acceptable standard.
Do Their Payment Dates Match Your Finance?
There’s nothing worse than having to make unplanned, unscheduled payments to your builders that don’t match with the dates your finances come through. There are two ways of dealing with this: firstly by arranging, through a contract, when and how much you need to pay the builders and stick to this completely. The second option isby using development finance brokers to arrange the loan in a way that allows you to free up cash whenever it is needed most. Which one will work best for you strongly depend on the building firm you’re using. Some will require you to pay for any material costs as and when they arise, while others will simply add it to the monthly bill – if the first is true then it will be well worth it to talk to a development finance broker to make a different arrangement with the bank.
If you’re currently looking to fund your property development, get in touch so we can discuss your financial options.