|
Home Improvements: Handling the Money Issue
Okay. You found a contractor or service provider that you like. You've received an estimate to your satisfaction, you understand the terms of an agreement (i.e. down payment, time to complete, materials to be used, etc.) and have decided to move forward.
First understand that an estimate, by definition, is just that. An estimate is a rough idea to produce a statement of the approximate cost of the project. It is not a promise. Also understand the estimate is for the time it should take to complete the project understanding that if something gets in the way of that completion, oftentimes it will, that a satisfactory resolution to the completion will be set in place immediately upon discovery.
Contact the service pro and let him/her know that you are ready to take the next step and enter into a formalized agreement (contract). At this time, the service pro will set up a time to meet with you to discuss in detail every aspect of the project possible, i.e. materials to be used, color selection, setting a final cost and setting the start and end times. Be realistic about the time it will take to complete the project. This will mostly be determined based the professional experience and labor personnel.
Regarding down payments. We all have our own horror stories and have heard stories from others. However, it is not ethical to make the professional buy all your materials with no money down from you. This is where trust comes into play. If you are not comfortable making a materials down payment, ask to pay the supplier directly. Be advised that if you wish to purchase the materials directly, you most likely will end up paying the full price rather than a discount offered to the service pro if he/she chooses to share that with you. Ask for it.
The best way to handle payments, in my opinion, depending on the size and scope of the project, is to break down the project into thirds; one-third due at signing should cover the materials, one third prior to beginning the work is considered good faith on your part, and the final one third due at completion. In the event that 99% of the work is done, but something else needs to be completed but cannot at that time for one reason or another, agree on a partial payment of the remaining balance due. This keeps honesty in place and you are not looking for someone else to finish the job if the service pro does not finish. This rarely occurs, but it's good to keep everything in fair balance.
That said good luck with your project. If you have any questions or concerns about a project you wish to begin or questions about the way a service pro handled your estimate, don't hesitate to contact me. I'd be glad to assist and offer my opinion.
Ryan M. Bruzan
|
|
|
|
ADD A COMMENT
|
Are you looking for a professional to do some work for you in your home? Here is my take on what you need to know before you commit to hiring someone.
First things first, do your homework. Don't just hire someone because they are the cheapest in town. Ask many questions. How long have you been in business? Are you listed with the Better Business Bureau? Do you provide free estimates? Can you provide a list of references that I can call on? Can I check out some of your work? Do you do the work yourself or do you hire subcontractors? Do you have a license to do plumbing and electrical? ARE YOU INSURED? Whatever else you can think of to ask, ask!
Here are some other things to consider:
Red Flags: Signs of the Un-Professional Remodeler
Doesn't have license and insurance.
Doesn't write contracts.
Requires cash or payment in full before starting the job.
Vastly underbids all other contractors.
Cannot provide customer references.
Poor credit.
Difficulty contacting the remodeler.
You are online right now. Do some research on how to hire a professional. I've heard too many horror stories from my clients and have my own horror stories as well, both as a consumer and as a professional.
Professionals will present themselves as such. His/her appearance might say alot about the quality of their work ethic, but he also might show up in work clothes because he hammering away at a job. That tells you that he doesn't only sell the job, but works it, too. A professional should also explain the process, a reasonable timeframe for completion, and should be able to handle events and occurances beyond their control.
Another thing to consider is the number of ongoing projects. A number of factors come into play here. A professional wants to remain productive at all times. If a contractor can work two or three jobs at a time and can do so effectively for all of his/her clients, excellent! Some pros just wish to work on one project at a time. Either way, feeling confident that you will get the best from your pro is very important. Some parts of the job include processes, for example, tilework and drywall; one can only do so much before having to wait for the adhesive or mud to dry. In that down time, a professional may go on to another project and begin to work the next phase, sanding or grouting for instance.
All in all, know your pro before you hire him or her. Get a couple of estimates and compare them. If you have questions as to why one is higher than another, ask. Every pro is different in the way they handle their business and none should be offended by your education.
What kind of experiences have you had in the past with pros you hired? Post them here for others to see.
My name is Ryan M. Bruzan. I own and operate my own home improvements business, Little Things Home Improvements, LLC.
|
|
|
|
ADD A COMMENT
|
 |
rmbru2k
send msg
Find ideas for home improvements, how to screen contractors and service professionals, and what to look for during the work phase.
|
Top of blog
|
|
