Home construction and renovation projects can run into hundreds of thousands of dollars. In most jurisdictions, contractors are subject to very little regulation or oversight. We've all heard of horror stories on HGTV programs like Holmes on Homes. Contractors paid in full and the job half complete, and the money is gone.
How then does one pay their contractor and protect oneself? Watch this video and get our free tips on paying your contractor!
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DIY is a way to keep your costs down on your flip. If you have the skills, and can do good work this might be an avenue to consider. Bear in mind, the time you spend doing the work yourself is time you aren’t spending on finding a buyer, or finding your next investment property. You have to remember that your work will probably be placed under close scrutiny by a home inspector. If the work isn’t good, it will end up costing you money. Any sub-standard work or issues found will result in the buyer asking for concessions on the sale price, or demanding the work be repaired or redone.
If you are hiring a contractor, be sure to hire someone who is bonded and licensed. Check out the contractor online for reviews. Ask the contractor for references of people that he has done work for. You may find contractors at home improvement stores such as Home Depot or Lowes, buying larger...