So you’ve decide that your unfinished basement needs to be finished, your kitchen needs an update or your house is too small for your growing family. It’s time to hire a contractor. Tyler Tribby, board member of the Black Hills Home Builders Association, offers five tips for homeowners.
1. Find out how long the contractor has been in business, and ask for references. A good contractor will be happy to provide that information.
2. Find out the payment requirements. Does the contractor need a deposit? Payment in full when the job is done?
3. Know who is responsible for what. Are you cleaning the site yourself? Do you have to hire any subcontractors? Who pays for materials? Knowing this up front can avoid headaches down the road.
4. Find out if the contractor personally will be personally supervising the work?
5. Ask if the contractor if he’s a member of the Black Hills Home Builders Association. Members must be licensed and insured.
If you are contractor, hiring the right accounting partner is just as important. Ketel Thorstenson LLP, the Rapid City and Spearfish accounting, audit services, tax services, bookkeeping and payroll firm, has a specialized Construction Group to help Black Hills contractors with the business side of building.
Construction is a different kind of business, and expertise in building might not be enough. Tax planning and return preparation, job/overhead cost analysis, equipment purchase analysis, compilations, audits and reviews and surety bonding assistance are also important. KTLLP can help.