Finding a suitable contract for smaller refurbishing projects: For smaller refurbishing projects, a streamlined contract is recommended over extensive ones like the JCT contract.
For smaller refurbishing or repair projects within the 5,000 to 15,000 pound range, finding an appropriate building contract can be challenging. Mike asked for recommendations on a simple and usable contract for such projects. Rob, with more experience in refurbishments, suggested that this gray area requires a balance between not wanting to overly specify the project while still ensuring that important aspects are addressed. Although Mike mentioned the JCT contract, it might be too extensive for smaller projects. Rob recommended defaulting to his expertise and suggested that a more streamlined contract would be the best option for this type of project. Listeners can submit their questions by calling 013808triple 035 or visiting the property hub dot net slash podcast website.
Establishing a clear and written agreement with builders: Clearly written agreements help prevent misunderstandings and disputes, consider using formal contracts or detailed email discussions, and regularly check builder's work to address issues promptly.
Having a clear and written agreement is crucial when working with builders. While there are free contracts available, such as the one from the Federation of Master Builders, it's essential to remember that informal verbal agreements can lead to misunderstandings and potential disputes. To mitigate this risk, consider having a detailed email discussion and getting a written confirmation from the builder. Regularly checking their work and addressing any issues promptly can also help prevent potential disputes. However, it's important to note that each situation is unique, and the best approach may depend on the specific circumstances. Ultimately, taking the time to establish a clear and written agreement can save time, money, and stress in the long run.
Providing value on specific construction contract questions: Work with recommended tradespeople even if not all details are set, attend Property Hub Summit for personalized plans and strategies.
When dealing with construction contracts, it's important to work with recommended tradespeople, even if you can't get every detail locked down. This was a niche topic discussed on the podcast, and the hosts expressed their enjoyment in providing value on such specific questions. They also mentioned their Property Hub Summit, a more in-depth event where attendees receive personalized plans and strategies tailored to their unique positions. To learn more about the summit, listeners could text "summit" followed by a space and their email to 88802. Overall, the podcast aims to answer various property-related questions and provide valuable insights for its audience.
ASK12: How do I avoid getting ripped off by a builder?
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ASK11: What’s the best company tax strategy?
This week on Ask Rob & Rob, Ravi from Leicester asked: What's the best company tax strategy? Always a tough question to answer, as accountants themselves don't always agree on the best course of action. If you don't have a property company but you do have a business that you want to lend from, you can organise things that way. But the best way is setting up an official loan between two separate companies; this way you can pay back bigger parts of your loan to your original company if you want to lower your profits. All you need to do is make it all official and set things up – see the links below for lots of useful material.
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