How to choose a contractor?

Written by Norfolk Capital

December 22, 2020

How to choose a contractor? | Norfolk Capital
Contractors can often be the difference between getting your property completed on time and ready for a profitable sale, or a legal catastrophe that can cost a fortune. These expert suggestions can help make sure that you are on the right track.

Make sure your contractor is licensed to work in your area, bonded and insured

In short, a license ensures that your contractor knows what they are doing and is willing to do so safely. Get their license number, get proof of insurance, and be certain that their insurance covers any liability before your insurance must. Verification of their license is also important. Sometimes a contractor might have a license that seems valid but in fact was cancelled due a negligence or something of sort in a past project that could be an issue if hired. While this might sound basic, avoiding this crucial step can lead to disaster.

Stay in the neighborhood

Contractors who have been in your area for a long time are often your safest bet. If they have been able to develop a reputation and build roots in your community, they must have kept up a reputation for good work. If you have a dispute, or even worse – a legal conflict – there is also a brick-and-mortar business that you can establish a dialogue with.

Ask about a mechanic’s lien

Depending on the Mechanic Lien Laws in your state, anyone who has provided work or materials for your home but was not paid for it, can put a lien on your property. This means that if you are working with a shady contractor looking to cut costs by japing their partners, you could be liable. Make sure to check the legal status of your contractor. If they have a lien on their record, it is best just to move on.

Check Referrals

Work Samples are far more important than a reference or review. They provide insight into how your contractor approaches projects, how the finished product looks, and may allow you to adjust your project to make sure that your contractor can shine.

Go with who you trust

Contractors will be in your life for months if not years, so the most important factor in this relationship is trust. Do they make exaggerated promises, do they seem like salesmen? Are they iffy on the details? If you cannot trust this person one hundred percent, walk away.

apply for a hard money loan | Norfolk Capital

Related Articles

How To Handle Taxes on Your Rental Income

How To Handle Taxes on Your Rental Income

Receiving that monthly rental income feels excellent. You worked hard to get where you are today and now own properties and collect the monthly income. Taxes come into the picture wherever there's income generated by something you own, and a proper strategy to deal...

Deflating Inflation

Deflating Inflation

In recent history, there have never been so many real chances to get rich. If you've always wanted to make money for yourself and your family, it's time to start investing in real estate. The rich do keep getting wealthier, but not for the reasons you might think....

Is Your Real Estate Project Protected?

Is Your Real Estate Project Protected?

Are you looking to take on your first fix-and-flip property? If so, then you're probably eager to get started. Before you begin any of your renovations, however, it's important to have the right insurance coverage for the property. This way, you can protect yourself...

Call Now ButtonCall