Tips For A Successful Home Renovation (Part II)
As you continue on with your home renovation project, there will be more items to consider as the job gets underway. We are here to help and are excited to share PART TWO of our home renovation series with you. Following up on part one, these next five tips will help you and your contractor manage the expectations for a smooth and successful job completion.
1. Get Everything in Writing
Secure a comprehensive contract before work begins. Consider having a lawyer review the proposed contract for your protection before you sign it if the project involves substantial costs. The contract should include a detailed description of the work that will be completed and the price of each item. You’ll also want to outline a payment schedule and estimated start/completion date for larger projects. Any applicable guarantees should be written into the contract and both parties should sign it. Changes to the contract should be acknowledged by all parties in writing.
Keep your contract and all the supporting documents in one folder. Your file should also contain any change orders, plans and specifications, bills and invoices, canceled checks, certificates of insurance and any letters, notes, or correspondence with the contractor, so that you can present these documents to your agent.
As the job begins and you move forward, get all of your conversations in writing so there are no misunderstandings.
2. Understand Your Right to Cancel
Federal law may require a “cooling off” period, in which you can cancel the contract without penalty. Check with the Federal Trade Commission and the laws of your state to understand your rights. Be sure to follow applicable rules during the cooling off period.
If you decide to cancel a signed contract, you should follow the contract’s cancellation clause. Written notification of the cancellation should be sent by registered mail to ensure you have proof of the cancellation.
3. Pay In Installments
It’s not advised to pay for the entire project before it is completed. Make sure you make checks payable to a company (not an individual), and do not pay in cash. For larger projects, it is standard practice to pay one-third of the estimated costs as an initial payment. You can retain your cashed check as a receipt this way.
4. Anticipate Delays
Delays happen, and may not be the fault of your contractor. In spite of the timeline outlined in your contract, circumstances such as weather may prevent the work from remaining on schedule. Be realistic and prepare to adjust your plans accordingly.
5. Contact Your Agent
Once the job is complete, you will need to share these new and exciting changes with your insurance agent before you invite your friends and family over for your first celebration! Please contact your agent, as the coverage on your homeowners policy may need to be updated and/or increased.
As your home renovation progresses and eventually comes to a close, it’ll be in your best interests to keep these aforementioned tips in mind. This will help you make good decisions, manage expectations, and be confident in the finished product. We wish you all the best throughout this process! Please contact us with any questions and to review your homeowners policy. We also accept party invitations!
