Contracts are in your best interest
As a remodeling investor, you’re often in a hurry to make decisions. You care about what goes into readying your investment property for lease or sale, but time is money.
No one wants to fuss over what every dollar is going to be used for to complete your project. You want to get it done and on the market to drive home some profit or rental income.
Isn’t that the name of the game?
But wait, there’s more to it than that, isn’t there?
You want your remodeling work done by someone who will do the job as they have promised and laid out for you, in a timely manner and for the amount of money that you have agreed upon.
Well, that part is right. But finding someone who will do everything you have agreed upon and do it well, can only be nailed down if you agree upon the terms and conditions as they are expressed in a contract.
Now, we all have heard those stories from years past, in which multi-million dollar deals were made between two people on the strength of a handshake.
“My word, is my bond” type of agreement.
You’ve seen it a thousand times in the movies and on television.
Well, it doesn’t work that way anymore. Sorry to disappoint you. I wish it could be otherwise, but it isn’t.
Today, there are too many moving parts to make simple agreements over complex situations. We tend to quickly gloss over the details of the transaction in order to close one deal to start the next one.
What should be in a contract?
Well, here is the reason we need contracts. Contracts focus on the nitty gritty parts for the protection of both parties, not just one. Both parties….it must be a win-win situation.
The contract should spell out the terms and conditions that you and the contractor have agreed upon to bring the project to completion so that all parties can walk away happy with a good feeling.
They are needed to explain and define exactly what is going to be done to your property as well as how much money is to be paid for this amount of work.
A contract should stipulate the project duration, what will be done and how the payments are to be made for the work being performed.
It should be clear to both parties that delays due to weather, additional work or changes in the original plan can alter the time period as well as the total payment amounts.
There should be a provision for ‘cure’ in your contract.
What is “cure?”
It’s a provision that allows the contractor to ‘fix’ whatever needs to be fixed in a reasonable amount of time.
Suppose you didn’t like or approve of the paint color, tile, light fixtures, etc., and you want to get this corrected. The ‘cure’ provision gives the contractor time to get your issue satisfied in a reasonable amount of time. After the contractor has moved his crew off of your job, he cannot run them back over to your job the next day or even perhaps, the next week to fix something you thought was completed. Thus the ‘cure’ provision’ becomes important because it is an equitable way to accommodate the needs of all parties in a civil manner.
Contracts should also be specific about product warranties.
We have all seen ‘lifetime’ warranties, haven’t we?
So just whose life is it covering?
The product life?
One specific part of the product?
The manufacturer and his company’s life?
Unless you have a contract that spells this out in specific terms you may be looking for warranty work in the future only to learn…. “Oh no, I’m sorry that was for life of the nails on your roof, not the roof materials themselves.”
No help there is there?
There are two ways to make a contract. I’ve seen both.
One is really very simple and does not protect anyone. Since it’s vague and ambiguous that you have not defined the terms and conditions of both parties, it has no value to either party.
The other is long and complicated. It’s printed in very small type fonts with light gray ink that you skim over just to get to the bottom line where you sign.
Trust me, neither of these are what you want, nor what we offer to you at our company
If your contract is five pages long and written in tiny print with gray ink, then you can bet some law firm drafted this up at great expense and the contract will probably not protect your rights.
Think about the last time you read though any contract for some services you subscribed to on the internet.
You just went to the bottom of the box and marked… ‘Yes, I agree’.
Believe me, you want a contract you can read in simple English terms. Both parties should understand it and feel protected by it.
Next time you decide to invest in a property and spend your hard earned money on remodeling costs, check with us and compare what we say we WILL do against what we actually contract with you TO do.
Then ask the same of any other contractor and compare the results.
You will see for yourself why Fast Track Remodeling has successfully completed over 800 renovations in the Houston area.
We have the ‘Go To’ team to complete your project.