Important Things Your Remodeling Contract Should Have

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Mortgage and Lending with FHA, VA, Jumbo, Downpayment Assistance, Conv. NMLS #276329

 Remodeling your home is an exciting journey that lets you bring to life the vision you have for your space. While most of us have no shortage of ideas when it comes to how we want to set up our homes, you may need some backup to turn those plans into a final product.

We outline all the important terms and details you should include in your remodeling contract to ensure your renovation goes smoothly in this post. You’ll leave prepared to review your next renovation agreement so you can start your project with confidence.


✅Project Specifications

One of the most important things when working with a contractor is making sure you are on the same page about the specifics of the work being done at your house. No matter how thorough your contract is, it’s impossible to predict the future.

✅Resolving Disputes

While changes and alterations to the project are usually dealt with in a calm matter, it’s possible that you may have a disagreement with your contractor. To prevent a conflict from escalating, it’s important to have a dispute resolution arrangement in your contract.

 

✅Timeline

Your remodeling contract should specify both a start and end date for the job. While contractors work hard to meet their agreed-upon deadlines, they sometimes run into unforeseen circumstances that push timelines back. This can include shipping delays, changes to the scope of the project, or unexpected structural issues that are uncovered during the construction process.

✅Products and Materials Needed

With all the time and money invested in a home remodeling project, you’ll want to ensure the final result is exactly what you anticipated. Have a discussion with your contractor about the types of products and materials you’d like used, including types of paint, flooring, and appliances. 

✅Qualifications

According to Bella Contracting Services, a contracting company with over 20 years of experience, choosing the right contractors is one of the most important steps in any remodeling project. The experience, quality, and professionalism of your contractor greatly influence how your renovations will turn out.

✅Payments

Due to the cost of contracting projects, it’s common to arrange a payment schedule rather than paying for it all upfront. Your remodeling contract should specify when payments will be made and what those amounts will be. 

 

If any of the work involves subcontractors, like plumbers, painters, or electricians, be sure to include lien waivers in the contract. When you add a lien waiver to each invoice, it verifies that both the contractors and any subcontractors were paid for their work. This will prevent any legal issues that may result if workers claim they weren’t fully paid.

 


Source: https://fhmtg.com/2021/11/18/important-things-your-remodeling-contract-should-have/

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Lisa Perry, Senior Loan Officer

"Your Northern VA Mortgage Specialist"

540-273-2733

NMLS ID #86548 / 276329

Email:  LPerry@fhmtg.com

Apply on line:  LisaPerrryLoans.com

 

 

 

 

 

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Comments (1)

John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Hello Lisa Perry - NMLS # 276329 these are very valuable list of important things a remodeling contract should have.

Jan 21, 2022 04:50 PM
Lisa Perry - NMLS # 276329

Thanks John,  I just went through a renovation.  Needless to say, it was eye opening.  😃

Jan 24, 2022 05:47 AM