If you are a homeowner who is thinking of building or renovating your home, you would have scanned through the building industry with anxiety and confusion.
We are living in an interesting time, not only on the global economic scale but also within the sub-domains and industries.
The building and construction industry is not spared from the shaking and rumbling as a result of what is happening in the world economic stage.
Since the middle of this year, we have heard about more service providers in the building and construction industry; builders, and drafting companies went bust.
What can you do as a homeowner who just wants to have your home renovated or built by the right team of people for the right price with no drama?
3 things you can do to avoid going down a pitfall in this treacherous market:
- Do your due diligence.
Check on the person you are considering engaging; their professional registration, knowledge of their work and communication with you. Reviews of their past works and services are important too. However, most important, you need to have that sense of trust and ease when communicating and interacting with them. Remember you’ll be working with this person for a long duration throughout your project, navigating the biggest investment of your life.
- Check the business model.
Check how you will receive and pay for their service. Are you working directly with all the service providers or are you working with a middle person? Do they receive incentives from other parties which could create a conflict of interest when they provide their service for you? Beware of freebies that have strings attached to them. If it is too good to be true, then it probably is!
- Set your value.
Set your goal and purpose for the project early, this will determine your value. Your value will draw your focus and zero in on the right person to work with. There are 3 major elements that determine your value: price, quality, and time. You need to set those 3 in the order of priority as your value. No homeowner can have all 3 elements as number one unless you have an unlimited budget!
Reach out to us if you have questions or want to find out whether we will be a good match for your project.
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