If you own a foreclosure property, you may need to work with contractors. Your foreclosed home may need a little bit of work if the previous homeowners had not been keeping up with maintenance. You may also want to renovate or update your foreclosure in order to increase its value. Either way, professionals will help you every step of the way.
The right contractor for your foreclosure will be affordable, experienced, and licensed and insured for your area. He or she will listen to your needs and will help you complete your project on time and on budget. The right contractor will help ensure that your foreclosure property value grows.
How do you find the right contractor? Begin by asking for references. Ask friends and families about contractors they have worked with. Consider joining a real estate investment group to ask other investors and foreclosure buyers for their recommendations. While it is not essential that your contractor has worked with investors or foreclosures before, a contractor who has worked with investors before likely knows how to get maximum value for your home on a small budget.
Avoid picking a contractor through the yellow pages. While it is possible to find a good contractor this way, the method is somewhat hit or miss. Even if you find a contractor who is recommended, check to make sure that he or she has a good reputation with the Better Business Bureau. Also, make sure that the contractor has all the necessary insurance and licensing for your area.
Even the best contractor is only as good as your relationship with him or her. Therefore, start off your relationship on the right foot by having your contractor look at the foreclosure property you have bought. Discuss with your contractor the changes you want to make and listen to their suggestions. Make sure that you draw up a contract detailing in full the agreement you have made with your contractor. Remember: if it's not in writing, it doesn't count. If you make any changes to your agreement, make sure that these changes are made in writing. A good contract protects both you and the contractor.
Having a good contractor also means having a good communication system. Check in with your contractor at designated times to make sure that the work on your foreclosure property is still on time and on budget. If the repairs are not to your liking, you have a much better chance of correcting the problem if you raise your concerns early and respectfully. If your contractor is doing a great job and your foreclosure looks great, make sure that you commend the contractor for his or her work. This will help create a good relationship and will ensure that the contractor is happy to work with you on other foreclosures.