Articles & News About Money & Coin Collecting

Hiring Professional Contractors May Save Landlords Money In The End

Landlords like other business owners are always seeking ways to maximize the value of a dollar. Some of the greatest expenses of owning rental property are the maintenance, repairs and improvement of their investment. Trying to cut corners by using ?cheap labor? may make sense in the short term, but in the end much larger trouble may occur as a result.

Hiring an inexpensive handyman or uninsured contractor may pose several difficulties, big and small. Below is a list of the potential hazards that may emerge when using a non-professional.

1. Using a licensed and insured professional may be the difference in preventing a larger unforeseen problem that may be disguised as a smaller one. A licensed electrician or plumber are more adept at seeing the bigger picture, whereas a ?handyman? may fix the repair at hand, while missing a more complex situation that left untreated may be a larger problem, later. What you may see as a small leak or electrical problem, may in fact be a larger problem that can be overlooked by a ?jack of all trades?. Using a non-professional in this instance may cost more money.

2. By using uninsured or under insured contractors, you leave yourself open to liabilities for injury to person or property. Although you may think you are saving money by hiring a cheaper, uninsured contractor, if the unforeseen occurs, and someone gets hurt or worst, you may be liable for exorbitant medical or legal costs. For instance; you hire a handyman from the classified section of your local newspaper. While performing the repairs you have requested, his ladder falls and not only is the repairman hurt but a passer-by also gets injured. This can be a very costly situation. Not only can the handyman sue for damages but the injured bystander may bring suit as well. Many property insurers do not cover this type of situation, leaving you vulnerable to unending costs and liability. Are you willing to risk this potential loss of money, time and aggravation?

3. What if the project was not adequately repaired? Most often a reputable contractor will stand behind his work. Often times an uninsured contractor or handyman may disappear never to be found when a setback occurs after he allegedly makes a repair. Now, the landlord will have to pay again to have the same repair made. Thus, the assumed savings turns into a double payment.

4. When hiring anyone to work on your property, it is wiser to hire the person by the job or project rather than hiring by the hour. Once a person works for you by the hour, it is assumed that they are your employee so you would need to protect them under your own insurance. Therefore, hire contractors and the like by having them furnish estimates to you for each project or job. It is also very helpful to get all estimates in writing.

The old adage ?you get what you pay for? is very true. Unfortunately it is a common belief that in order to save money, you purchase less expensive items or services. Bear in mind that if you acquire cheap labor or services, you will get cheap labor or services. Although, gambling can be fun in its proper place; do you really want to gamble with your rental property? Making what seems like a small misjudgment or hasty decision in order to save a dollar may end up costing so much more. You may wind up in a liability law suit or paying twice for the same repair or damages may be sustained by overlooking a larger repair by using a non-professional. It is probably wiser to spend a bit more money on a professional NOW rather than LATER spending a bundle of money on a bigger repair, legal costs or worst, a monstrous lawsuit.

It is important to have the proper tools at your disposal when involved in Real Estate Investing. www.ezLandlordForms.com offers a complete document management system along with a great question and answer forum and links to Real Estate Investment Clubs.

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Coin Collecting At FindaBook.com
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