Selecting the right 'contractor' and securing your investment

05 February 2025 By elodie

Hiring the right contractor is essential for a successful property build. Their professionalism will directly impact the final quality of your home and whether the project stays on budget and schedule.

Check their credentials and past work

Before signing any agreement, ask the contractor for a detailed overview of their past projects. A reputable professional will provide a portfolio showcasing similar projects, along with client reviews or written recommendations. Do not hesitate to contact previous clients to gather feedback on the quality of work, adherence to deadlines, and budget compliance. This will help you assess the contractor's reliability. Beware of offers that seem too good to be true—an unusually low price may indicate poor-quality materials or substandard project management.

Clarify contract terms

After selecting your builder, draft a legally sound contract that outlines all key details: total costs, project timeline, payment schedule, and penalties for delays or non-compliance. It is wise to base payments on completed work stages rather than paying in advance. This approach will help you maintain control in case of disputes. Additionally, ensure that all required insurance policies, such as structural damage cover, are included to protect yourself against potential defects.

Keep a contingency budget

Even with thorough planning, unforeseen expenses may arise—material price changes, delays, or mid-project design alterations. To safeguard your investment, set aside 5–8% of your budget as a contingency fund. This reserve will help you stay on track without compromising the project. Choosing a reputable contractor, securing strong contractual protections, and maintaining a financial safety net will ensure a smooth construction experience.

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