Finding a reputable residential contractor isn't always the easiest thing to do. Although the advent of the Internet has put more options at your disposal, you still have to wade through the sea of options to locate the one who is truly going to put in the work. If you're looking to renovate your house and you need to hire a contractor, there are some important traits to look for. While you want to check out their reviews and look for evidence of their work, see why you should always select a residential contractor who has a bid bond.
Bid Bonds Prevent The Old Bait & Switch
When you put the call out for a contractor, you're likely to have all kinds of responses. There are so many contractors out there who are looking for projects that they can take on. Because there is such a large number of contractors, some of these professionals might put in bids for several projects at the same time. If you decide to select a particular contractor you want them to stick with the terms that you've already laid out. A bid bond helps to make sure that this happens.
The bid bond is essentially a guarantee. It is basically the contractor's way of saying that the amount which the two of you agreed on during the bidding process will be sufficient. They won't try to edge out the competition by offering an insanely low rate in the bidding war and then trying to increase the total once they've actually been selected. This keeps you from wasting your time with people who wish to get more and more money from you.
Bid Bonds Mean The Task Will Be Completed
It can be so disappointing to bring in a contractor to do a job for you only for them to stop midway through. If you've already paid them, that means you're usually out of the money and will have to come up with more cash to pay someone else to finish things up.
Contractors who have bid bonds are essentially offering you a promise. Even if that contractor can't finish the work, the surety company who backs the bond will provide another contractor at no extra cost.
Bid bonds help to weed out those who aren't serious about really working for the customer. Choosing a contractor with one of these bonds should provide you with the ultimate in peace of mind.