3 Ways to Reduce Property Repair Costs

One of the best ways to keep costs down on real estate repairs is to do the work and maintenance yourself. That works … unless you don't have the time or necessary skills. In those cases, you'll have to hire someone to do the work.

Here's how to do it - and avoid ugly surprises:

1. Get at least three quotes.

Sometimes it takes a lot of effort to get in touch with people to ask for a quote. So it's tempting to get just one and quit. Don't do it! You might be amazed at how much difference there will be in 3 different vendors.

2. Keep in mind that the lowest quote is not always the best one.

Ask for references and find out exactly what's included in the quote. Many times a higher price actually turns out to be the best option because it comes from someone with a better reputation, includes everything, and has a good warranty.

3. Overestimate the cost and time it will take.

Most people will agree, the final cost is often times more than you expect. When doing repairs that involve tearing out walls or plaster or sheetrock, surprises can always be lurking behind the walls, and most estimates will not include hidden damage or repairs that are not visible upon the original estimate.

The savviest real estate investors agree that you should get multiple quotes and add at least 50 percent to each estimate.

Do your due diligence on the contractor and the work process involved, and you'll end up with a lot more money in your pocket.