Map out your project in detail

Before you look for a contractor, it’s essential to get clear on exactly what you’re looking for. Be able to clearly explain everything you want completed in detail along with an ideal timeline and a strong sense of your budget.

Do your homework on potential contractors

The best place to start is your personal network. Ask your family, friends, or neighbors for trustworthy referrals based on personal experiences, or contact your local chamber of commerce. Look for contractors who are:

• Established and in good standing with the Better Business Bureau (BBB)
• Licensed and/or bonded according to your state’s requirements
• Fully insured with proper certification
• Have specialty licenses, skills, or experience, depending on the project

Don't be afraid to ask questions

Choosing the right contractor is pivotal to your project’s success. If you’re hiring someone to complete a job, it’s well within reason to ask plenty of questions to make sure you’re comfortable with their qualifications. After all, it’s your home and money on the line.

• How many years have you been in business?
• What other projects have you done in the area?
• Can you verify your contractor license(s)?
• May I have a list of referrals and may I contact them?
• Who will be on-site to supervise the project?
• Do you have regular employees or do you use subcontractors? How long have you worked with them?
• How many other projects will you be completing at the same time?
• What permits will you need?
• How long do you estimate the project will take?
• When can you start?

Beware of contractor red flags

While most contractors are skilled and reputable, some are simply the wrong fit for the job. From the unqualified to the downright fraudulent, it’s important to keep an eye open for the following red flags: 

• Very little or no relevant project experience to show
• Unwillingness to provide references or license verification
• Lack of knowledge of necessary permits
• Quotes that are significantly lower than competitors
• Poor communication or consistent flakiness

Get several bids for your project

Compare qualifications and quotes to ensure your project is in the best hands. Get bids in writing from at least three different contractors and carefully review them against each other. Note that you should not pay the entire amount until a project is completed; pay in installments rather than the total amount upfront.

Outline expectations for the project

Make sure both parties are aligned regarding the life of the project, including a schedule for payments and project milestones—especially if it’s a lengthier project. Tying milestones to a payment schedule also keeps contractors motivated to hit specific deadlines.¹

Remember that even with proper planning, it’s possible that there will be bumps or delays. Among a whole range of possible hiccups, there could be changes to the timeline, materials used, or overall cost. Be sure to designate with your potential contractor how you’ll want to handle unforeseen issues or changes before they come up.

Get a written contract from your contractor

Once you’ve chosen a contractor, get a contract in writing. While surprises may still happen, a comprehensive contract can help prevent mistakes and keep your project on track for timing and budget. Above all, it helps to protect you by providing proof of all project expectations from the start.

How can Wintrust Mortgage help with your project?

If you need help with financing, Wintrust Mortgage offers a wide range of loan² products to help you accomplish your project goals. Learn more by getting prequalified. It’s easy to apply—get started below!