How To Choose The Right Contractor For Your Home Renovations

Talking ‘bout your Ren-o-vation!

You’ve been staring at those wonky kitchen cupboards long enough. Although you have fond memories of the 1980's, you don’t need to be figuratively taken back to the decade every time you look at the rose patterned wallpaper. It’s been long enough.  

Yep, it’s time to get on that renovation that you’ve been thinking about for years.  

You know that an investment today will improve your day-to-day life and make your home more visually appealing – and valuable. You’re not looking to move just yet, but there’s nothing wrong with adding a little bit of value to your home so that when that day comes, you can reap the rewards.

The first task you should embark on is selecting a contractor to do the work.  Major renovation is not something you should DIY. No, you need a pro.  

But, how to find one. Here’s some thoughts:

‍

Get a little help from your friends  

Talk to people that you trust to get referrals. Online reviews can be fudged, the experience of your best friend since high school is less likely to fib to you about their experience. Word of mouth is truly the best possible way to find a contractor that does quality work.

Measure twice. Cut once.

Or, in this case, interview multiple contractors to make sure that you vibe well with them. They will be spending a lot of time in your home so you will want to make sure that there is a level of professional trust between you, and that will be difficult to determine without going through a thorough interview process.  

‍

Talk turkey

After you have interviewed multiple contractors, it’s time to get down to business. Give your shortlisted contractors the details of your job and have them give you a quote. The quote should include the cost of materials that will be used and a price for the estimated number of labour hours.  

When you look at the quotes, don’t be blinded by the lowest price. That might be the best fit, but there may be a better overall deal with one of the higher bids.  

Once you have narrowed down the list of contractors you believe are reliable and capable of finishing your project, you can start moving forward. A good contractor will not only have a set of blueprints, but they will also factor in what you want and hope to spend. Start comparing bids from each contractor, asking them to break down the material cost, profit margin, labour, and other expenses. Typically, materials will account for about 40% of the total cost; the rest covers labour and overhead, with the typical profit margin at around 15%-20%.  

‍

Get it in writing

This is a major project and you’re going to need to get your legal ducks in order. That's drawing up a contract that crosses all the T's and dots all the I's. No gentleman’s agreements here, we are talking about too much money.  

In that contract make sure all details are worked out, including setting a strict payment schedule.  

Payment schedules can indicate the financial stability of the contractor. Someone that is asking for a large amount of the money upfront may not have the financial stability that you need. A 10% upfront fee on larger jobs is fairly standard. Following that, three payments of 25% spaced out over the project is appropriate, with the final 15% paid on completing.  

‍

Enjoy!

Finally, make sure you take the time to sit back and watch your space get transformed into the dream space you have always wanted. And, stay informed about all things renovating by reading the MoveBuddy blog, of course!

‍