Are you a real estate developer who recently purchased a foreclosed or condemned property? Maybe you’re a real estate investor who has been sweating a stalled commercial construction project? Or perhaps you are a bank owner who has a distressed commercial property on the balance sheets? Either way, the expenses associated with owning and maintaining a real estate-owned (REO) distressed commercial asset can be draining to your bottom line. If you feel like you are hemorrhaging money by owning a foreclosed or deteriorating commercial property, it is time to take action and turn your asset into a moneymaker.
Continue reading to learn 2 effective ways to minimize the various costs of owning a distressed commercial property, plus how to find professional commercial construction company specializing in remodeling and renovation for distressed assets.
Effectively Managing a Distressed Commercial Property Starts With the Right Help
The two most effective ways to minimize the cost of owning and maintaining a distressed commercial property or asset are: 1) Hire a skilled commercial general contracting company, and 2) Be sure they provide specific services and solutions for real estate-owned (REO) construction.
Without proper planning and preparation, your distressed commercial asset will continue to bleed your bank account dry. It is critical to the overall success of revamping a distressed property to choose a qualified Central Indiana commercial construction company for the job. A licensed and experienced commercial general contractor who specializes in real estate-owned (REO) commercial distressed asset construction and renovation can help you come up with a viable plan that abates further deterioration and sets in motion a system of rebuilding a profitable asset.
What You Should Expect From Your Commercial General Contractor
After finding a qualified and experienced commercial general contracting company in central Indiana to provide your REO commercial distressed asset remodeling and renovation work, it is important that you confirm the services and solutions they are prepared to offer you during the process. In order to effectively turnaround a commercial distressed asset or property, your commercial general contractor should be able to provide the following services and solutions:
► Budget Analysis and Cost Foreseeability Evaluations
Your contractor be able to uncover discrepancies in terms of how much work has been done and how much was paid to previous contractors and subcontractors who did the. Additionally, they should be able to perform accurate cost foreseeability evaluations for all future renovation work, procurement, and post-facility maintenance plans.
► Commercial Construction Management
In addition to providing proper budget analysis and cost foreseeability evaluations, your commercial general contractor should be able to act as your single point of contact for all future projects. They should be able to organize a streamlined system to communicate with all vendors, subcontractors, and procurement companies, including the title company, on your behalf.
► Space Planning and Permitting
When renovating, remodeling, or, knocking down a distressed commercial asset, it is important to ensure that all work is performed in accordance with all local and state regulations, as well as all building code and jurisdictional requirements. Be sure your commercial construction general contractor can work with the proper jurisdictional authorities to provide comprehensive space planning and permitting services on your behalf.
Are you looking for a qualified commercial general contracting team that can transform a commercial distressed asset or real estate development project in Indiana? Contact BAF Corporation at 317-253-0531 for comprehensive commercial construction services in Indianapolis and its surrounding counties.
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