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Tag Archives: fixed price contract

With Remodeling Comes Financial Risk: How to Minimize It

minimize financial risks when remodeling

Remodeling can be an exciting prospect—you are creating the exact look you have always wanted for a particular area of the home. But, it can also be a very stressful process. You worry about picking a good contractor who will do the job well. It can be disruptive to your home life. You are spending a lot of money, and managing the financial aspect of the project, is a top-priority. Here are some tips for keeping spending under control and minimizing any money-related risks inherent in remodeling. Mistakes equal more money. While you can’t bulletproof a remodel against anything going wrong, nor can you anticipate every problem that may arise, carefully planning your remodel can go a long way in protecting you, and your bank account. This applies no matter what the project may be, whether it involves that second story addition you’ve been dreaming about or remodeling your downstairs bathroom. The more specific you are in what you want, and the scope of the project, the better you will be able to manage it. You will have clear markers to define progress, and whether things are going as planned. The scope of the work must be very detailed. A fixed price ...

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