Have a large remodeling project in your
future? Below is a helpful guide….
1) Get Recommendations
Start by asking your friends and family and then check in with
the National Association of the Remodeling Industry for a list of members in
your area. Another way to find good Contractors is by talking with a building
inspector, who'll know which contractors routinely meet code requirements.
2) Do Phone Interviews
Once
you've gotten some names, put in a call to each of your prospects. This may
cull some of them out right away. Contractors are notorious for not returning
phone calls. If you don’t get a return call from someone in a customary time,
mark them off your list – you will save yourself grief in the long run. To the
Contractors you do speak to, ask the following questions:
• Do they take on projects of your size?
• Are they willing to provide financial references, from suppliers or banks?
• Can
they give you a list of previous clients?
• How
many other projects would they have going at the same time?
• How
long have they worked with their subcontractors?
The answers to these questions will reveal the company's availability,
reliability, how much attention they'll be able to give your project and how
smoothly the work will go.
3) Meet Face to Face
Based
on the phone interviews, pick three or four contractors to meet for estimates
and further discussion. A contractor should be able to answer your questions
satisfactorily and in a manner that puts you at ease. Check in with your
state's consumer protection agency and your local Better Business Bureau to
make sure contractors don't have a history of disputes with clients or
subcontractors.
4) Investigate the Facts
Your
list should now be narrowed down – put your research to use and all up former
clients to find how their project went and ask to see the finished product. Don’t
rely on results alone. Ask to visit a current job site and see for yourself how
the contractor works. Is the job site neat and safe? Are workers courteous and
careful with the homeowner's property?
5) Make Plans, Get Bids
You
have your short list of contractors whose track records seem clean and whose
work ethic looks responsible. Now it's time to stop looking back at past work
and start looking forward to your project. A conscientious contractor will should
provide a complete set of blueprints and also a sense of what homeowners want
out of a project and what they plan to spend. To compare bids, ask everyone to
break down the cost of materials, labor, profit margins and other expenses.
Generally materials account for 40 percent of the total cost; the rest covers
overhead and the typical profit margin, which is 15 to 20 percent.
6) Set a Payment Schedule
Payment
schedules can also speak to a contractor's financial status and work ethic. If
they want half the bid up front, they may have financial problems or be worried
that you won't pay the rest after you've seen the work. For large projects, a
schedule usually starts with 10 percent at contract signing, three payments of
25 percent evenly spaced over the duration of the project and a check for the
final 15 percent when you feel every item on the punch list has been completed.
7) Don't Let Price Be Your Guide
Buyer
beware! You get what you pay for! We have all heard these warnings – Heed them! Beware of your low-ball bid. The single most important factor in choosing a
contractor is how well you and the contractor communicate. All things being
equal, it's better to spend more and get someone you're comfortable with.
8) Put it in Writing
Draw up
a contract that details every step of the project: payment schedule; proof of
liability insurance and worker's compensation payments; a start date and
projected completion date; specific materials and products to be used; and a
requirement that the contractor obtain lien releases (which protect you if he
doesn't pay his bills) from all subcontractors and suppliers. Insisting on a
clear contract isn't about mistrust, it's about insuring a successful
renovation.
WASHINGTON, D.C. - The U.S. Consumer Product Safety Commission, in cooperation with the firm named below, today announced a voluntary recall of the following consumer product. Consumers should stop using recalled products immediately unless otherwise instructed. It is illegal to resell or attempt to resell a recalled consumer product.
