10 Questions You Need to Ask Your Contractor Before You Hire Them

Hiring the right contractor can mean the difference between a successful remodeling project and a nightmare. The contractor is responsible for hiring the best tradesmen, budgeting, ordering raw materials, timing, and much more.

Before you meet with a contractor, it’s important to prepare. Not only should you be clear about the scope and goals for the project, but you also need to have questions about their business and these 10 questions can help you ensure you are hiring the best person for your needs.

1. Are you licensed and bonded? Can you provide information about your insurance coverages and exclusions?

2. What kind of project management system do you use? What is your communication cadence with your team and with me?

3. What is your policy regarding the cleanliness of the job site? How do you ensure employee safety on the job site?

4. Do you have a portfolio of similar projects and recent work with photos and/or videos?

5. Will you give me some references of recent past clients?

6. Can you provide me with a sample contract in advance for review?

7. How are selections and allowances handled?

8. How are payments handled? Will you provide a payment schedule?

9. What is the estimated time frame for planning, start date, and completion?

10.What penalties will you pay for delays caused by your team? How is fault defined for delays? Is this in the contract?

Remember, a home remodel can cause a great deal of upheaval, weeks or months of workers, delays, and adjustments. While you can’t plan for all contingencies, you can hire the best possible contractor. This puts you in the best position for a successful project.

Basics of a Successful 1031 Exchange

A 1031 Exchange is a potential option for investors who may be interested in deferring taxes when selling an investment property. By reinvesting the proceeds into another investment property, investors have the opportunity to take advantage of real estate market opportunities without having to pay taxes on their profits immediately. It is important to note, however, that this strategy comes with strict rules that must be followed carefully in order to ensure a successful exchange.

In order to be considered for a 1031 Exchange, the properties involved may need to be investments and not for personal use. Additionally, it is generally required that the properties be like-kind, although they do not have to be exactly identical.

There are many different types of investments that could potentially qualify for a 1031 Exchange. For instance, an investor may choose to exchange a multi-family apartment complex for a shopping center, or a commercial office building for a rental property. Ultimately, the specific circumstances of each investor's situation will determine whether or not a 1031 Exchange is the right choice.

The timing of a 1031 Exchange is crucial, and investors should aim to identify a replacement property within 45 days of selling the original property, with the exchange being completed within 180 days of the sale.

Working with experienced real estate professionals who have knowledge and expertise in 1031 Exchange transactions can be helpful, as mistakes can be costly if the rules are not followed precisely. While a 1031 Exchange can be a valuable strategy for investors, it is important to keep in mind that individual circumstances can vary, and it may be wise to seek personalized tax advice from a Certified Public Accountant (CPA) or tax advisor to determine if this strategy is suitable for a particular investor.

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10 Ways to Make a Small Bathroom Look Bigger

Small bathrooms don’t have to be dark and dank. Contrary to popular belief, making a small bathroom appear larger is not as hard as it seems.

Here are 10 easy ways to quickly make a small bathroom look bigger.

1. Mirrors – Add larger mirrors to reflect light and provide the illusion of space.

2. Lighten Up – Lighting doesn’t have to be harsh, but adequate lighting is a must.

3. Remove Barriers – Open up the room with clear glass shower doors or shelves.

4. Monotone Decorating – Use the same light colors on walls, countertops, floors and cabinetry to allow for the eyes to flow through the space.

5. Negative Space – Consider using a pedestal sink which takes less space than traditional cabinets.

6. Declutter – Find locations out of sight for toiletry items.

7. Heads Up – Use the vertical space in the room too, tall cabinets provide storage and add interest to the room.

8. Store Mats and Towels – Keep towels and floor mats out of sight unless in use. A simple hand towel in a complementary color tone is all most guests need.

9. Pocket Doors – Where you have room, use pocket doors or popular barn sliding doors to add extra space inside the bathroom.

10.Glass – Clear glass shower doors is a great way to remove a visual barrier and make the room seem larger.