Remodeling? Protect your investment with 5 contractor tips
Dealing with contractors to remodel your home can be a daunting task, but there are easy steps to make sure your investment is protected.
Posted — UpdatedSo, if you want to take your kitchen, bathroom or backyard to the next level, there are some easy ways to protect yourself when hiring a contractor.
Before you hire a contractor, here are five steps to help protect your investment:
–Get at least three estimates that include everything from repairs to clean-up, and don't just jump at the lowest price. A Consumer Reports survey showed that people who went with the lowest bidder got poorer quality work. On the other hand, though, going with the highest bidder doesn't guarantee great work, either.
–Call at least three references. Ask about job quality, clean-up, if calls returned and whether the job was completed on time and on budget.
–Get specifics in writing. Make sure details, such as exactly what will be done, payment schedule and a timetable are written down. Get proof of insurance and verify it so that you're not liable for problems.
–Never pay too much up front. 5 On Your Side recommends paying no more than 10 percent down, followed by more payments as the work is done to your satisfaction.
With a 10 percent down payment, there's often a push for more, but a reputable, financially stable contractor will make it work.
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