Brooklyn and NYC, at large, are never far from criticism when it comes to construction challenges and hassles. The question of what can improve the construction scene in the region is always thrown around, and the answers seem to be far and few between.
They’re clearly asking the wrong question down there. The real question that they need to be asking is this: instead of crying over spilled construction, what should be done during construction that prevents these events from unfolding?
Construction challenges can make or break your future as an investor in rental property—depending on whether you deal with them or not.
And in order to deal with them, you need to know what they are in the first place—which is exactly where we come in.
You Might Not Find Enough Labor
It’s very often that you’ll run out of labor. Brooklyn is huge, after all, and the construction arena is huge. The mighty contractors will usually book most of the laborers for the large-scale projects long before you do. Even with the growing advancements in construction tech, you will need a couple of Bob The Builders, at the end of the day. Add to this the fact that much of the workforce is aging, and you might just have a disaster on your hands. This means a delay in construction and rising costs, additional stress and lost time.
If you have begun without taking into account how much the manual labor will cost, the ever-rising cost of construction raw materials, the rent for heavy-duty equipment, the legal costs and the accidental costs that might pop up on-site (such as personal injury suits)—you’re in for a rough, rough ride. Running out of money mid-construction is anybody’s worst nightmare and getting a loan very quickly in Brooklyn isn’t such an easy idea either.
Just like bad budgeting, poor planning can similarly bring your construction edifice down. Beginning without a plan is a constructor’s suicide at best. Knowing the design and the plans, the legal policies and marketing, the online and offline angles of it—all need to be taken into account before you cast the first stone. Having a clear-cut outline of your construction plan, the proposed time limit, the budget et al. is really the first step towards a successful construction empire.
Balk Not, Lose Not
If you’re looking to break into the construction arena as a repeat offender with plans to invest in rental property, we suggest that you take these construction challenges very seriously. If you are unsure where to go from here or are a first-timer, take no risks. Talk to a property manager today.
KH Consultants in Brooklyn, NY, is a property management, development, and consultation company that offers help with mortgages, planning, renting, marketing, leasing, and so much more. Come talk to us and we can help you with your future plans. Give us a call at (347) 987-4063 or reach out to us online. You can also read more about who we are and what we do here.