Are you planning on remodeling your luxury home?
As residential property managers for luxury homes in Aspen, we frequently engage general contractors to perform remodels on behalf of our clients. As we are ultimately responsible for the quality, timeliness and financial results of these projects, choosing the right contractor for the remodel is critical to our success. As the homeowner, it is important that you understand the selection process as well.
Here are some of the key things for you and your property managers to consider when choosing a contractor for the remodel:
Don’t just pick someone based upon a large ad or fancy website. Do some homework first:
· Check with the local Better Business Bureau.
· Find someone else who has had significant work done and ask about their remodeling experience. Would they recommend their contractor?
· Call a reputable architectural firm and ask who they recommend.
When interviewing a General Contractor, ask the following:
· Do they carry insurance; what type and what are the limits? Will it be enough to cover the projected costs of your project (and then some, just in case)?
· Do they hire sub contractors or use employees?
· Will they give back up to their invoices?
· Can they give references of at least two completed remodeling projects?
· Will they give a fixed price or an estimate?
· How many other projects are they currently working on?
· Depending on the scope of work, will they give a schedule of completion? Are they professional and organized?
· Do they want deposit money up front and if so, how much?
· Do they offer a standard one year warranty for workmanship and materials?
· Will they work under a signed contract ?
Most importantly, when you are selecting a contractor for your remodel, don’t rush into an agreement. Take the time to hire the right company. Anyone pressuring you to commit is probably desperate for work. It pays big dividends to make design and material decisions ahead of the project to avoid the stress of being rushed into a decision.
You can find more detailed information about finding a contractor for remodeling your luxury home and not getting ripped off in a recent article in the Fiscal Times – “Remodel Your House and Get the Most for Your Money”
Remember, once the dust has settled you want to love the finished product and both you and your property managers want to have a healthy relationship with the construction team.