A recent Washington Post article on homeowners looking to remodel their homes put out a strong warning – know who you’re working for and if they’re financially stable to stick around to complete your project and not stick you with their financial situation. Here’s an excerpt from the article:
“It’s always in homeowners’ interest to verify that the contractor they’re hiring is financially stable, but it’s an even greater concern coming off such a drastic recession. Referrals from people you trust can be good indicators of a contractor’s skill, but friends and former clients aren’t privy to details about the contractor’s financial viability. Before signing a construction contract, it’s worth asking the contractor for financial references. The builders interviewed here said they wouldn’t object to such an inquiry – in fact, they seemed surprised that homeowners don’t do it more frequently. Landis said homeowners might ask remodelers for references to their banks or suppliers, both of whom would be in a position to know about the builder’s financial standing. As always, homeowners need to ask for proof that a contractor is licensed and insured. In this market, good contractors aren’t too busy to give you the information.” For the entire article, click here.
Stebnitz Builders understands this new trend with the economic situations coming out of such dire straits. Every potential client who requests it receives not only our references, but a list of our trades and suppliers that can support we are in good financial standing with them. We also provide the name of our bank and our insurance agency that will attest to carrying the proper insurance limits and that we have done so for many years. Be careful of those companies who just started in business – some of them are starting another business after the previous one they were involved with or working in, failed.