If you're a seller or investor who wants to get the best price for your property, chances are at some point you're going to have to work with a contractor. In this article, we'll go over 3 essential things you must know about working with contractors to ensure the most affordable, most timely, and highest quality work.

Tip #1 - Be Very Specific

When you're requesting a bid or when you're talking about a job with a contractor, be very very specific about what you're looking for. After you've agreed on a number, you should also be very meticulous about being specific in what you put in writing. Taking this precaution will ensure you get exactly what you want, no more and no less.

Tip #2 - Find a Good, Reliable Contractor

Speak with several contractors before you decide on one for sure. Get a feel for the quality of the contractor's quality of work and integrity. Don't just decide based on price. If your contractor is experienced, they should have references you can check. Check them.

Once you find a contractor you might want to work with, double check their license with the Secretary of State website. Remember, you're entrusting your property with this person, so it absolutely makes sense to do careful due diligence beforehand.

Tip #3 - Payment Tips

In general, it works in your favor to pay your contractor by project rather than by hours. A contractor can estimate how many hours it will take to complete a job, but that's just an estimate and the contractor can always exceed that estimate. Rather than overpaying because your contractor billed by hour, agree to pay per project only.

Do not release payment until the job is complete. Once a contractor has been paid, often times they won't finish the job or the finished work will be of lesser quality. Even if the contractor asks, do not pay release payment for the job until the work is complete.

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