Working with a contractor on a Chicago home improvement project

Home remodeling becomes necessary in older homes or you are tired the way it looks. Whatever the reason, remodeling involves money, time, and sleepless nights. Regardless of the size of the project, you should pay attention to few things when you are hiring a trustworthy contractor like Chicago Remodeling Solutions. Here are two main aspects to consider.

Written contract before starting work is a must
Whether it is a kitchen remodeling in Chicago or basement finishing in Chicago, have a written contract with the remodeling contractor. This protects both parties.

Make sure to include scope of work, itemized cost and payment schedule and acceptable payment methods, beginning and ending date of work, responsible party to obtain necessary permits, materials used, who is responsible for compliance with local codes, contract work warranty, blue prints, cancellation rights, how to resolve disputes, and insurance coverage for employees of the contractor when they work in your home. The contract should include provisions for holdbacks for non-compliance. This is very important if you get into a dispute with the contractor.

One other area that the contract should address is any leans that may be recorded on your deed for non-payment and a clear process and directions to clear any such leans. Many contracts used by contractors including >Chicago home improvement adequately cover all these areas. Read the contract before signing and it is required by law to give you a copy and the contractor to keep a copy.

Keep copies all documents including receipts
Whether it is a kitchen remodeling in Chicago or a basement finishing in Chicago, keep all receipts and copies of all related documents in a safe place. This is very important when it comes to resolving disputes. Also, it is necessary if you are going to claim the remodeling expenses on your tax return. The Federal tax law allows you to deduct any repairs you made to the house if you sell your home within the same year. If you use the house as part of a home base business, tax law allows you to deduct applicable portion of the home improvement cost from your taxes. If you rent your home for a period of time, improvement cost can be used to calculate the cost basis of the rented home.Since you are dealing with the Federal tax law, it is important keep copies of all remodeling expenses. How long you need to keep these receipts? In order to address any tax related issues, you may want keep them forever. But the rule of thumb is about six years or more.

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