How to Avoid Builder Scams as a Property Investor and Protect Your Renovation Budget
Description
Ready to grow your property business without the hype? Start your free two-month membership trial with This Property Life today! https://bit.ly/this-propertylife-memebership
——————————————————————
In the fourth and final episode of the "Controlling the Uncontrollables" mini-series, Nick and Caroline look into one of the biggest fears in property development: working with builders and contractors. From sourcing reliable tradespeople to managing quotes, timelines, and red flags, this episode arms property investors with practical insights to help them navigate the tricky terrain of contractor relationships.
What You'll Learn:
- The critical qualities of a good contractor and how to spot red flags early.
- Why pricing up refurbs before an offer is accepted can backfire.
- Where and how to find reputable builders in your investment area.
- The importance of clearly defining spec levels and managing contractor relationships.
- How to protect yourself financially when working with tradespeople.
Timestamps
[02:58 ] - What Makes a Good Contractor
[06:37 ] - Why You Don’t Need a Builder Before a Deal
[09:35 ] - Estimating Refurb Costs Independently
[12:56 ] - Finding Reputable Builders
[16:35 ] - What to Ask When Vetting a Builder
[21:44 ] - Setting Expectations and Incentivising Deadlines
[28:59 ] - Spotting Red Flags and Trusting Your Gut
[40:50 ] - Payment Terms and Financial Protection
[48:12 ] - Looking Ahead: Buying Boring Businesses
This Episode is Kindly Sponsored by:
Visit thispropertylife.co.uk for more resources, networking events, and industry insights.
Follow Caroline Claydon Socials:
- LinkedIn: https://www.linkedin.com/in/caroline-claydon-property
- Website: https://www.carolineclaydon.com/
Follow Nick Claydon Socials:
Follow This Property Life Podcast on Socials:
- Website: https://thispropertylife.co.uk/
- Apple: https://podcasts.apple.com/gb/podcast/this-property-life-podcast/id1540075591
- Spotify: https://open.spotify.com/show/6ULlN2eRKWojGRAkiSa0mZ
- LinkedIn: https://www.linkedin.com/company/this-property-life-podcast/about/
- YouTube: https://www.youtube.com/channel/UCtmPj98bC6swNuYRCaUGPUg
Hosted on Acast. See acast.com/privacy for more information.
United States
