SECTION F SUNDAY, JULY 26, 2015
Classifieds
HOMES JOBS LEGALS MISCELLANEOUS PUZZLES AUTOS & MORE spokesmanclassiďŹ eds.com
www.spokesmanhomes.com
How to Hire an Honest Contractor
AFFINITY IS FOR
LOVERS ‌of fun.
Joel White Executive OfďŹ cer, Spokane Home Builders Association
OPINION
W
ith severe summer weather upon us, home owners may ďŹ nd it necessary to call in professionals to help repair damage to their homes. It’s an unfortunate fact of life that after a natural or man-made disaster, there are people who will try to proďŹ t from a community’s misfortune.
References • ConďŹ rm that the contractor has a veriďŹ able mailing address for his business. • Check the Better Business Bureau, www. bbb.org, to ensure the business doesn’t have any unresolved complaints. • Ask the contractor for references for past work and be sure the references can be reached. • Check out the business on consumer review sites such as Angie’s List, HomeAdvisor, Houzz, etc. Remember, it’s important to take the good with the bad when reading online reviews.
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But a y-by-night 5HVWULFWLRQV DSSO\ FDOO IRU GHWDLOV :KLOH VXSSOLHV ODVW contractor is one disaster you can prevent if you follow a few steps to ensure you hire a reputable professional. In fact, it makes sense to follow these guidelines Contract and when you are evaluating Completion any potential contractor, • Be cautious of whether it’s for postanyone that tells you disaster repairs or a planned renovation to your that “a contract won’t be necessary.â€? Insist on home. a complete and clearly Exchanges with a lot to ‘Like’ written contract signed by Like-kind exchanges offer plenty of beneďŹ ts to Here are some you and the contractor. property owners and can be a boost to the local guidelines to keep in economy • Ensure that the ďŹ nal mind: payment is not due until In real estate, it does not get that future projects would have the job is completely much better than a like-kind been done on a smaller scale Price and Payment exchange. without the exchange. ďŹ nished and you are fully • Don’t get pressured The exchanges, which are part Realtors are actively involved satisďŹ ed with it. Find out of the tax code going back to 1924, in exchanges, too. Between 2011 into signing a contract if any of the work requires allow property owners to defer and 2015, 63 percent of Realtors immediately. You should city or county inspection, capital-gains taxes on a property participated in a like-kind not be told that you need as long as the sale proceeds go exchange transaction. The survey and make sure that is done found that of these transactions to sign a contract that day and you have paperwork to toward the purchase of a similar property; the replacement property created between 10 and 35 new or risk a price increase. prove it before you make must be identiďŹ ed within 45 days jobs, mostly from spending on • Paying a deposit of and the transaction completed building improvements following the ďŹ nal payment. within 180 days. the purchase. anywhere from 20 percent Like-kind exchanges aren’t just The exchanges also are infusing to 50 percent is common, Following these appealing to real estate investors more dollars into local markets, however, you should not and property owners, they also according to respondents. Eightyguidelines will help you be asked to pay the full can be a boon to the economy, six percent said tax deferments select a contractor who including ďŹ nancial growth and job allowed their clients to invest cost in advance, before will do quality work, and creation, according to a new report in improvements in the newly work begins. stand behind it. To learn from the National Association of acquired properties, creating • Make sure you’re Realtors. new construction and property more about ďŹ nding a management jobs. comfortable with the The survey of NAR commercial reliable contractor with an and residential members found Residential properties comprised payment options. You established business in that both real estate investors the largest portion of recent deals, should not be asked to our community, contact and commercial-property owners accounting for 27 percent of pay cash to a salesperson the Spokane Home highly value like-kind exchange tax disposed properties and 24 percent rules for conducting their business. of acquired properties, followed instead of a check, money Builders Association Forty percent of respondents said by apartments (17 percent of order or credit card to a at (509) 532-4990. they had real estate transaction dispositions and 22 percent of company. that would not have closed with acquisitions).
Buying/Selling
the tax provision; 56 percent said
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