Commercial General Contractor? Three Valuable Reasons to Hire One for Your Apartment Complex Renovation Project
Old or dilapidated apartment complexes can be interesting options for real estate investors, especially when the asking price is low because of building conditions. Investors who have the resources necessary to fully renovate these buildings can often see considerable profits after selling the updated property or opting to manage it for ongoing rental income.
In an effort to save money on this type of project, however, many investors find themselves questioning whether hiring a commercial general contractor for the project is a necessary expense. If you are currently planning an upcoming apartment building renovation project, here are three important reasons why you should hire a commercial general contractor to oversee it.
Managing the process from initial planning through completion
Even the most hands-on real estate investors are unlikely to be able to devote the bulk of their time to a single project, even when it involves the renovation of a large apartment building. By hiring a qualified commercial general contractor to oversee the entire project, busy investors can free up their time for other projects while feeling confident that the apartment complex renovation project is carefully monitored from the initial planning stages through each stage of the construction process.
Managing contractors, deliveries, and workflow with safety in mind
A commercial general contractor also provides value by managing all contractors, deliveries, and the site where the work is being performed. Their understanding of the project scope, construction type, and materials that will be needed ensures that subcontracted portions of the project are completed on time and on budget. In situations where weather concerns are apt to cause delays, an astute commercial general contractor can often maintain the completion schedule by working with each contractor to make small schedule adjustments.
Commercial general contractors are also trained to deal with material deliveries and can be present to answer questions during important quality or safety inspection visits to the site. Because safety issues have the potential to bog down the project timeline, a commercial general contractor will also take responsibility for helping to ensure that workplace safety guidelines are followed by all contractors, delivery drivers, and visitors to the site.
Managing the project to ensure adherence to federal, state, and local housing requirements
Applicable federal, state, and local housing requirements apply to most apartment building construction and renovation projects. A commercial general contractor will be able to use their industry experience to ensure that each project they oversee adheres to these requirements. Hiring a commercial general contractor can offer many benefits beyond those outlined above. To learn more, real estate investors are advised to discuss their plans with a reputable general contracting firm in their area.
Reach out to a commercial general contractor if you are renovating an apartment complex.