Hello, welcome to Finance Speaks, I’m Kyle Sadler, President of Precept Wealth Management and best-selling author of I’m Retired, Now What. I am here today to talk to you about the 3 Must-Do's When Hiring a Contractor.
Whether it's to upgrade your counter tops or fix storm damage to your roof, you'll probably need to hire a contractor at some point. Here are some tips for finding professionals who won't overcharge you, scratch your floors or make your problem worse.
Trust References, Reviews and Your Gut
Use a contractor who has been in business at least five to 10 years and who specializes in the job you need done. For example, hire a landscaper, not a handyman, when you need a tree planted so its roots don't chew up your foundation later.
Then, get three quotes -- not just to compare costs, but also to check out the vibe you get from each contractor. Which one would you feel the most comfortable working with?
Make Sure They're Legit
Anybody can obtain business cards and a sign magnet to go on their truck.
Go online to verify candidates' license status with the state. Check with the licensing board (however, in Texas and other states there are no licenses for General Contractors; oh and a good key to a sham contractor is if they tell you that they are licensed with the state and the state doesn’t license), the Better Business Bureau, Yelp, Google and it pains me to say it but Angie’s List for disciplinary actions and customer complaints.
Also make sure the contractor has workers' compensation insurance to pay any worker injured on your property and professional liability insurance to reimburse you for any mistakes or damage to your home.
Get Everything on Paper
Require a signed scope of work that states what the contractor will do, how long it will take, how much you’ll pay and when. It should also explain how the contractor will protect and clean up your property (using drop cloths to protect your floors, for example) as well as things like what brand of paint they'll use. Make sure to clarify any missing details in writing.
Before we leave, I want to remind you; don’t be afraid to take your time when choosing a contractor. You're the one who'll be living with the results of their work, so having high standards is a good thing and it’s also how finance speaks.
We thank you for watching Finance Speaks, this is Kyle Sadler headed out until next time. Be blessed and have a board bangin day.
Precept Wealth Management
19506 Highway 59 N, Suite 315
Humble, TX 77338
Office: (281) 973-9290
Fax: (281) 973-9602
Registered Representative, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC in TEXAS, CALIFORNIA, and LOUISIANA.
Investment Advisor Representative,
Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor, Cambridge and Precept Wealth Management are not affiliated.