Most of our Miami Beach condo owners are not local but that doesn’t stop maintenance issues from arising. If you are not a local with connections and a network, you will probably need to start googling repair companies.
Here are three ways to reduce the costs of maintenance issues on your Miami Beach condo:
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.
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.
The savviest real estate investors agree that you should get multiple quotes and add at least 50 percent to each estimate. I hope that these tips for reducing property repair costs on your Miami Beach condo are helpful and can be put to good use!
**Also one important extra tip: Many Miami Beach condo buildings require that owners get permission from the board for repairs as well as permits from the city. Be sure that your repair is completed “legally” with a licensed (if required) professional so you don’t have issues down the road. If it’s not and there are any issues, you could be fined by the city, the board and may not be covered under your insurance if an issue arises from the bad repair.