7 Tips for Dealing with Contractors when Renovating
Category Property Investment
Ensure you get all your quotes in writing and once you have selected one, keep it somewhere safe.
If sent to you electronically, either print it out and file it or save it in a folder on your computer that you can easily refer back to.
Ask for references
Before accepting any quotes from service providers, you should ALWAYS ask for references and take the time to phone them up and query.
Any good contractor should have a list of references, if not....red flag.
Bonuses and penalties
Build in bonuses if work is finished ahead of schedule and penalties if delayed and falls behind of schedule
Control the project
Never pay more than 70% upfront, start with 50% and do progress payments.
Only when all work is completed and you have thoroughly checked and are happy, should you pay the final amount due.
Make sure your builder/contractor is well established with own tools, staff and vehicle. If he/she uses sub-contractors, make sure they are workers that he/she has previously worked with on prior projects.
General rule is a bricklayer cannot plaster and a plasterer cannot skim, make sure you get the right person for the job.
As with most things, changes are inevitable and should something change in your renovation project, negotiate it and importantly document it before agreeing to additional work.
Lastly, always budget in some extra money for expenses that inevitably arise and that weren't factored in initially.
Author: Cesar Alexandre