Rehabbing a residential or commercial property takes a considerable level of knowledge. It is important to recruit the right members to your team to ensure the job gets done according to your timeline. Several pre-work steps are needed before you and your team takes on a rehab project. You will need to identify your market, identify your team, and work with a commercial general contractor to gain a full understanding of the stages of construction project management.
Before securing a rehab opportunity, you must consider your market. Pittsburgh Pennsylvania is a growing market in recent years. Just in 2020 alone, Pittsburgh experienced a 5.5 percent appreciation rate and a growing rent trend. In the current low-interest-rate environment, financing a residential or commercial investment will be a lucrative contribution to your overall portfolio.
Unless you plan to rehab the property yourself, it will be critical to identify the right members of your team. To find a Pittsburgh general contractor, start your search on community social pages or ask for references from friends and family. You will want to interview a handful to understand who has the best and extensive knowledge of the stages of construction project management. Before interviewing, you should consider understanding the stages yourself to ensure you are interviewing a commercial general contractor with the proper experience.
Stage #1: Conception
When beginning your project, the first stage will always start with conception. This stage involves generating an understanding of what your construction project will require, identify locations within the market, build out the milestones for progress, and set a timeline for completion. Generally, you are building out your blueprint for the entire project.
Stage #2: Pre-Construction
With your blueprint in hand and a location identified, the next important part is selecting the commercial general contractor you will be working with. This is one of the most critical stages as the general contractor will be the one directing and supervising your project. Also, this will be the stage that you shop for the necessary materials needed for the project. Make sure the general contractor is involved in this step and assists you with picking out the materials.
Stage #3: Project Execution
At this stage, you have everything required to begin the project. Understand that even with the best commercial general contractor, issues will happen. Being involved and addressing these issues right away will be the difference between completing near your deadline or well past it. Be prepared by having a risk management response plan to address the problems as they occur. A consultation with your general contractor before the work starting will help you get a clearer picture of what you should be prepared for.
Stage #4: Commissioning
Commissioning is an important stage that requires the testing of all your systems within the building. Now is your opportunity to fix any issues before selling or renting out the property. Make sure to walk through several times with your commercial general contractor when reviewing the work. Addressing any issues now will be a time saver for the future.
Stage #5: Occupancy and Warranty Period
Now that the job is completed and your new tenants or buyers have moved in, this is where the warranty period begins. Two types of warranty you should be aware of are contractual warranty and implied warranty. Essentially, educate your owners or tenants on routine maintenance for the building and have everything documented. This will cover you for any disputes that may occur.
Understanding the stages of construction project management will be critical in your process to work with a knowledgeable commercial general contractor. If you are interested in investing, Pittsburgh Pennsylvania is a growing market with strong opportunity. Working with a Pittsburgh contractor, you will be able to transition through each stage of construction project management and complete a successful rehab.
TBI Contractors are known for their experience and reliability as commercial excavating services. They have served hundreds of projects with excellent results, leaving every client satisfied with the project. So, if you are looking for a professional and experienced commercial general contractor, you’re just at the right place!
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