Contractor Evaluation

Now that you’ve found a home, apartment or some kind of property you’re thinking of buying in order to flip it for a profit it may be a good time to bring in the contractor for a serious evaluation. Unless the home you are checking out was built very recently and is considered more or less new, you should consider doing some level of work even if it’s minor repairs. For instance you may need to replace the plumbing in the kitchen due to an old rusty pipe that could burst at any moment.

A good tip is not just to speak with one contractor but several. If you can get a referral from a friend or relative that’s always a good place to start. That way you can see the work they’ve done first hand and also find out how it’s stands up to the test of time. In any case, even if the contractor has not been referred to you, you can always ask to see examples of the work they have done for other clients. A good contractor should offer you options and different pricing based on several levels of different types of materials they offer.

Always get a realistic timeline from the contractor to do the work you need. Very often they run over time but you can try to keep them within a certain time frame. Likewise, they often go over budget so before you start the work and get a contractor’s evaluation and quote make sure they are willing to put in a contract that they will not go over 5-10% of the original quote. This will force them to give you a realistic price quote for the work that needs doing, not try to win your business with a cheap quote they only intend to boost in price later.

If you do not agree on such terms before the work begins you could find yourself in a jam where the contractor demands more money or else they will quit before the job is completed.