Utilising the comprehensive Meridian Australia research process, once the macro and micro analysis has been conducted, one of the final stages in the micro analysis is the quality of the investment property which all comes down to the builder.
Identifying a high-quality builder is a crucial step to master, as it ensures the property is attractive to potential tenants now and in the future. If this step is neglected it could lead to poor rental income in the future.
5 Tips For Selecting A High-Quality Builder.
Tip 1: Look at their past projects. Make sure this is not the first time they are building a residential property. Being able to see years of experience and previous builds is an indicator of the quality of the builder.
Tip 2: Good builders are busy. Be wary of builders who can start the build right away as they are busy and have existing projects and commitments.
Tip 3: Transparent with build details. A good builder should guide the client through the entire process including:
Talking through the specifications of the interior and exterior;
Providing a detailed construction program including key milestones such as: base stage, frame stage and practical completion;
When liaising with builders, always insist on a set of plans, construction drawings and a full specification for all materials, finishes, fixtures and fittings.
Tip 4: Strong time and project management skills. The builder should then complete the project on time and budget taking into consideration their coordination of labour, materials, plant, tools, equipment, site costs and considering poor weather on site.
Tip 5: High-quality builders are often members of industry bodies or organisations such as:
There is a significant amount of due diligence that should be conducted before selecting a great team for an investment property.
Remember, don’t settle for the cheapest deal, go through the checklist above and work with a team that is going to deliver precisely what they promised to do.
Looking to get the property investment conversation started?
Or, just looking to stay in the loop?
Warren Jacobs - National Business Development Manager at Meridian Australia
P: (02) 9939 3249
Disclaimer: When considering purchasing a property, it's always prudent to seek the advice of an appropriately qualified professional to determine which strategy is most appropriate for your circumstance.