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- Read books and magazines, talk to your local renovation centre
or hardware chain and shop around. Once you have a good idea of
what you want, prepare a detailed description of your renovation
project. Put as much of it as possible in writing.
- Get a clear picture of your current financial situation. Your
personal banker can give you a preliminary idea of the financing
options available to you, with no obligation on your part to proceed.
- Spend as much time as needed fleshing out your plans and specifications,
whether you do this yourself or hire out. The better the planning,
the smoother the execution.
- If you have decided not to do the work yourself, have at least
three contractors bid on the job, submitting detailed written
quotes.
- Choose the best contractor for the job, taking into consideration
the quote, the start and completion dates, and the contractor's
experience, professionalism and references.
- Based on your savings, your monthly cash flow and the payment
terms, choose the financing option or options that are best for
you.
- Once your financing is approved, have a detailed contract drawn
up which specifies, among other details, the terms of payment.
- Regularly check the work being done. Tell your contractor about
any problems or errors as soon as you notice them.
- Make your payments to the contractor according to the terms
of your contract, being sure to hold back a portion of each payment
to protect yourself against potential liens on your property.
- Once the work is completed to your satisfaction and you are
certain that no undischarged liens have been placed on your property,
make your final payment to the contractor. Then sit back and enjoy!
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