SevenTips for Choosing a Good Contractor For many homeowners, finding the right contractor can be the most difficult part of a home renovation project. Renovations can be stressful and expensive, with many surprises along the way. Having a skilled and reliable contractor can put you at ease and help make your dream home a reality. The following tips can help you find a qualified contractor: Talk to people you know • Relatives, friends, neighbors, co-workers and your real estate agent who have completed home renovations can be the best resources. • Visit their homes, and inspect the quality of work to make sure it meets your standards. Conduct online research • Online searches through Angi, Yelp, National Association of the Remodeling Industry (NARI) and Google can provide a list of licensed contractors in your area. • Make sure the contractor specializes in the work you need and routinely does the kind of project you are planning. • Check the contractor’s online reviews, but always make sure to ask for references. Ask former clients the following questions: • Did the project finish on time? • Did the project finish on budget? • How was the quality/durability of the work? • Would the client recommend the contractor to a family member or friend, and why? • How well did the contractor communicate and resolve problems? Inquire about experience • Find out how long the contractor has been in business and what type of warranties and guarantees he or she provides on the work. Check licenses, insurance and complaints • Ask the contractor for a copy of his or her license, as well as licenses for any subcontractors who may work on the home. • Ask for proof of business and a certificate of liability insurance, and check that policy limits meet state requirements. • Check the Better Business Bureau and local court records for any reported complaints or lawsuits. Personal Finance Quarterly | Winter 2022 3
Interview and obtain written itemized estimates from at least three contractors • Before meeting a potential contractor, make sure to have a clear idea of what you want. Make sure the contractor can start and complete the project within your timeframe. • Provide specific directions on the scope of the project and the materials you want used. • Obtain a complete contract specifying the work to be done, the materials to be used, the amount to be paid and the rights of both parties. • Compare the bids, and make sure they include the same work and materials. • If your preferred contractor has the higher price, try to negotiate before signing the contract. Determine if the estimate includes contingences for unexpected costs • Contractors can’t see through walls, so it is common to find surprises that can easily add 10-15% to your cost. Pull proper permits • Have the contractor determine what permits will be needed, and confirm that the contractor will work with the city to obtain all necessary inspections. We offer this information to assist you in making decisions that can help mitigate your risk. While we cannot address every possible scenario or guarantee these tips will work for you, our goal is to support your efforts to protect yourself and your family. 5 6 7
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