Some things to consider before renovating your Toronto home
“You get what you pay for.”
We’ve all heard it, but sometimes a great deal is just too tempting to pass up.
Don't leave your costly renovations to just anyone you find in the Toronto phone book.
There are a ton of reasons to renovate your Toronto home. You might want to boost resale value, or you may just want so jazz it up a bit for yourself. Perhaps you want a new sunroom, patio or spa shower. The reasoning varies as much as individual tastes, but one thing is always constant: use a reputable contractor.
The “Underground Economy” is composed of tradespeople, contractors and other services that don’t pay taxes and are otherwise not legitimate. They don’t charge sales tax, providing you with a cheaper option. However, they also don’t pay the sales tax themselves or pay income and payroll taxes.
The Ontario Home Builders’ Association estimates that about 37 per cent of residential renovation work is done by underground contractors. While recent renovation tax credits and rebates made it more worthwhile to take the time to find an approved contractor, there are other reasons to consider. The most important of which, is that fly-by-night contractors can tend to do work that’s not as good as it should be, not take out the required permits and leave the homeowner with zero recourse.
When looking to renovate:
Check out the Better Business Bureau website. It’s always wise to do this, because an “F” rating doesn’t mean the company will stop operating. There will also be a list of the types of complains and the resolution taken, as well as any other relevant information. Do keep in mind though, that just because a company is not listed doesn’t mean it’s fraudulent.
Ask the company for references and proof of insurance. Reputable contractors will be as happy to show you their proof of insurance (liability especially) as they are their references. If the company doesn’t have the proper insurance and someone gets hurt, the homeowner could be liable.
Always have a contract and make sure it’s complete. It should include final prices, completion dates, permits that need to be taken out and both the homeowner and company’s contact information.
Some things to consider before renovating your Toronto home is a post from: Toronto Real Estate Updates