Working with a contractor on a home remodeling project
Home remodeling becomes necessary when your home gets older or you may be tired of the way it looks. Whatever the reason, remodeling involves money, time, and sleepless nights. No matter what the size of the remodeling project is, you should pay attention to few things when you are dealing with a contractor. Here is a list of things based on my personal experience.
Keep all receipts and copies of all related documents in a safe place. This is very important when it comes to resolving disputes. Also, it is necessary if you are going to claim the remodeling expenses on your tax return. You may be eligible to deduct the cost of remodeling if the house is rented.
Have a written contract with the remodeling contractor. This protects both parties. Make sure to include scope of work, itemized cost and payment methods and instructions, beginning and ending date of work, responsible party to obtain necessary permits, materials used, compliance with local codes, contract work warranty, blue prints, cancellation rights, how to resolve disputes, and insurance coverage for workers in the home improvement contract.
Additional items to be addressed in a contract may include holdbacks for non-compliance and provisions place a lean on your home.