According to a survey conducted by statista, the construction sector is the foremost contributor that hiked the U.S. economy between the years 2008 and 2018. It has reached over US $1293 billion of expenditure, making U.S one of the largest market of contractors in the world.
If you are planning on building your new dream home, there are a few things that must have crossed your mind – the budget, the timelines, an expert team of contractors, etc. But finding the right contractor for a project is not an easy task.
It requires a lot of research and planning that sometimes can be frustrating and overwhelming. But not to worry, here are some steps to get started.
Find The Right Contractor
Hiring the right contractor depends upon the size of the project. For example, if you want to build cabinetry then you have to hire a contractor who has expertise in the same field.
And, if your project is medium-sized that doesn’t involve any significant renovation of your home, then a general contractor will work just fine.
In the case of big-sized projects, you will need a specialized architect who can skillfully make structural changes in a project.
Once you have streamlined the type of contractor you need, ask your friends and colleagues if they have any recommended contractors. You can also take the help of local real estate agents and suppliers.
Also, spend some time on research and make sure that the contractor you are going to hire has an up-to-date official website. You can also check their ratings and reviews to get a better idea about the contractors’ abilities.
Meet Your Contractor
While meeting a contractor, you must frame questions that you are going to ask. Scam contractors, who don’t provide excellent quality work, are often over-friendly before the real job even gets started.
Here are some questions that you can ask during the interview.
How long it’s been their business running?
Permanent address and official website of the company.
Ask if they are licensed to work in your region?
Ask if the project needs a permit.
What is their payment schedule? Is it flexible?
Always remember that do not seal the deal until you are satisfied with their answers. Take time to analyze all the responses of the contractors that you have interviewed and then choose the best one for a project.
Comply With IRS Rules & Regulations
Normally, if you are not withholding any taxes from a contractor’s paycheck or salary, you don’t have to tell the IRS that you paid your contractor a sum of over $600.
According to the IRS, while hiring contractors, you must get the Form 1099 filled by them and keep the original copy to yourself. Also, don’t forget to send printed copies to contractors and one to the IRS.
IRS uses your Employer Identification Number (EIN), written on Form W-9 to track project-related activities.
Give Feedback And Referrals
After the delivery of the project if you are delighted with the work, spare some time to leave online feedback and five-star rating (if available) on the sites, such as Google, Yelp, Home Advisor, etc.
This is because it will be easier for other people to hire contractors who can provide them excellent work-quality.
Every contractor has a different attitude towards work. Some are more team-oriented, while others like to be focused alone and less team-based. But this doesn’t have to be an issue until and unless you are getting high-quality work.
Moreover, keep a regular check on your contractors’ working hours and crosscheck the hourly or weekly rates with similar contractors. Use a renowned software to create reports of their work history and the quality of work they are giving you.
After a little research, you will find the right group of contractors for your construction projects.