1 Apr

6 Important Questions to Ask Before a Big Home Renovation

General

Posted by: Allison Kehler Tolley

So you want to do a home renovation project?! Now its time to look for the right contractor to do the job! Doing a thorough job looking online and asking friends and family is important. Once you find your potentiate contractor, its time to treat the process like a job interview! Being prepared with the right questions can prevent problems in the future but also ensures you are happy with the finished result.

If you are hiring a contractor for your big home reno make sure you ask these important questions..

1. What is your experience in home renovation?

This question can help you determine how long the contractor has been in the bushiness and whether or not they have worked with similar challenges. It is important to also confirm that they will be able to finish the project on time and the steps they will use to ensure the completion. Looking on social media for positive reviews will also help to confirm you have make the right choice.

2. Do you have a contracting license?

Depending on which province you live in there are different requirements for what type of license a contractor has to hold. Check the laws in your region to see what may apply and confirm with the contractor that they hold the proper license.

3. Do you carry the proper insurance?

The information provided by the Canadian Homeowners Association, hiring people without the proper insurance could put you in legal or at financial risk should something happen in your home. Make sure this is one of the first things you check off your list. Protect yourself and the contractor by making sure they have workers compensation and liability insurance.

4. Will you recieve a written contract?

If the answer to receiving a written contract is no then don’t even bother moving forward with the interview. The CHBA says contract should cover a description of the work also the materials used and the cost of the job. It should also include a payment schedule. Paying full price upfront is an usual business practice.

5. Can you can get in touch with past clients?

A contractor should be proud of the past work! Contact past customer and ask about completion timelines and ask how disputes were resolved!

6. Who is responsible for building permits?

If building permits are needed make sure that there is a clear understanding of who is applying for them and ensuring they are valid. Always attend the final inspection with the builder to ensure work is done properly and that if any changes are needed you can confirm they are completed!

article provided by FCT

30 Mar

What is the difference between a rate hold and a pre-approval

General

Posted by: Allison Kehler Tolley

Hi!

In my experience is there is a huge difference between a rate hold and a pre-approval. Rate holds can be a quick conversation and consent for credit. The file is submitted without verification of income or down payment and the rate hold can be up 90-120 days. A formal pre-approval includes collection all of the documentation up front. Confirmation of down payment and also confirming annual income. Confirmation of income is so important. In the event there is any discrepancy in paystub hours or annual 2 year average it can affect your file in a negative way and the purchase price that was mentioned could be void. It is important to make sure that you provide your most recent paystub, T4 slips and job letter as soon as possible to allow me to confirm your income prior to shopping for a property. There are several downpayment types that we can use. Savings, borrowed or gifted. For more information please contact me at 403 892-5368