Even with the best of intensions, construction projects all too often end up with people being angry or in some cases, high-dollar lawsuits being filed. With construction, even a very small error can lead to disaster. For instance, if the wrong waterproofing product and method are not used, a building could eventually flood or develop dangerous mold that could cost millions of dollars to fix.
Regardless if you are building a custom home, new office building, retail space, or even making modifications to an existing structure, there are some very important rules to follow to prevent big problems from arising.
- Due Diligence – Without question, due diligence can make the difference between success and failure when it comes to construction. Unfortunately, potential problems are often overlooked. For instance, if you find a building to purchase and renovate, you may not discover things like asbestos ceilings or lead paint until after closing. Upon discovery, you immediately face a big and potentially expensive problem. However, if you hire the right experts from the get go, the feasibility of your new construction project can be thoroughly investigated and any risks identified prior to buying.
- Outstanding Contract – For construction, there is no such thing as a boilerplate or standard contract. Virtually anything can go wrong and unless things are detailed in the contract as to who is responsible, a great project can turn into your worst nightmare. For instance, you might be interested in an apartment complex but without having the right experts perform inspections, you could end up with 150 rotten decks that have to be replaced right off the bat. On the other hand, if an inspection is performed prior to buying, the rotten deck issue can be addressed as part of the contract. In addition, you always want to sit down with a reputable attorney to go over a construction contract to ensure everything is correct.
- Quality is a Priority – When hiring a contractor, you want someone great but also affordable. A common mistake made is hiring the least expensive contractor available. While not always, many times the cheapest equals the worst or least qualified. Therefore, after purchasing a building to renovate or land on which to build, you never want to skimp on hiring the best contractor possible. Ultimately, you will save money in that work will not have to be redone, the project will not be delayed because of failing code, and you will not be at risk for a lawsuit if something were to fail down the road causing property or physical damage.
- Construction Legalities – The truth is that construction projects must adhere to a long list of regulations and compliance laws. For example, accessibility requirements must be included in the design, wages for workers on some projects are mandated by government regulations, and the project can have a lien placed on it if suppliers and subcontractors are not paid. While there is no such thing as a “dispute-free” construction project, risk can be reduced by hiring a contractor who is aware of and closely follows all laws and regulations.
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