For Hire: Renovation Journey Expert!

great midwest bank renovation journey hiring a contractor


Now that you have made it through the planning process, you’re ready to kick off demo and get those renovations underway! If you missed our Renovation Journey – Planning blog, check it out here.

Now it’s time to hire the right contractor, which can be a make-or-break for your renovation. Your loan submission often requires a contract, plans and specifications, depending on the scope of your renovations.  Below are some helpful tips to guide you through the process so it feels less like blind dating and more like a healthy commitment.

Speed dating, sort of.

Finding the one perfect contractor begins with sorting through your options. Word of mouth (ask your Loan Officer!) and even Facebook can be particularly helpful for recommendations to start narrowing down the search, and it’s important to take time to meet with each potential candidate, preferably in person. Start with your budget and plan and ask them about their experience with projects similar to yours.  Make sure they are a licensed, bonded and insured.  If a contractor doesn’t have that paperwork readily available, look elsewhere.  In addition, if you don’t receive a timely, written bid, move on. 

With a shortage of tradespeople, you’ll likely find that most contractors have scheduling that is backed up.  We’ve heard of customers waiting six to twelve months to get work completed, so hiring the right contractor may require some patience. 

Write it down!

You’ve interviewed a few contractors and finally felt like you have met the one; Congrats! Although you have done your homework and trust your soon-to-be-contractor, it’s important to have a contract in place to protect yourself. A detailed contract should include timelines, total cost, change order pricing, payment plan details, a license number, project description, parties involved, and specifics on which party is responsible for permits and inspections.

Sign up for our newsletter to get smart finance tips every month!