Easily Replace Option Choice into the Home Improvement Contract

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How to Replace Option Choice into the Home Improvement Contract

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im joseph patrick co-founder of lamont brothers and in this video i want to walk you through some of the best financing options for your remodel right now interest rates are low and now is a great time to consider pulling money out of your home or doing something else to get financing right now for a remodel in the upcoming months and year so lets walk through them first a very good option can be a home equity loan or a home equity line of credit now this loan is a loan thats on top of your existing mortgage you have an existing mortgage and you go to the bank and they give you a loan for value thats in your home and they dont touch your existing mortgage so this requires that you have equity in your home and it adds a monthly payment and it adds to your existing mortgage so the best scenario for this is if you have a mortgage you really really like and for some reason dont want to touch that so either you have an amazingly low interest rate or for some other reason the mortgage

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How do you present a change order to a client?

Renovate to live, Sweeten to thrive! Bring up change orders early. Have a clear and consistent change order policy. Communicate openly, honestly, and confidently. Include your policy for change orders in the contract. Be especially clear with clients who are purchasing their own materials.

What is the first proper step for a change order on a project?

Here are the steps of an effective change order process: Start the conversation. Regardless of who initiates a potential change, the first step is for the project owner and contractor to discuss what the change is, why its being requested and how it will impact the projects cost and timeline.

What are the different types of change orders?

Generally, there are four types of change orders. These are Time and Material, Lump Sum, Zero Cost, and Unitary Cost change orders. A lump sum change order is used when the defined change in the work scope is quantifiable, and a definite price developed.

What is an example of a change order in construction?

Classic examples of change orders include the owners desire to move the location of a wall to accommodate some other design element, adding a window where there was none in the original plans, or changing the finish of the floors from tile to terrazzo.

What is the acceptable change order percentage?

A change order is a written supplemental agreement to an awarded construction contract agreed upon by all parties to that contract subsequent to the execution of that original contract. approve change orders that do not cumulatively exceed 10% of the original contract price.

What is an example of a change order?

Classic examples of change orders include the owners desire to move the location of a wall to accommodate some other design element, adding a window where there was none in the original plans, or changing the finish of the floors from tile to terrazzo.

How do you add a change order to a contract?

How to Write a Change Order Step One: Identify the Changes. The first step to writing any change order is identifying the changes that need to be made. Step Two: Discuss the Changes. Step Three: Create an Action Plan. Step Four: Write the Change Order. Step Five: Sign the Change Order.

What should a change order description include?

Change orders typically consist of three parts: the project information, the changes to the contract, and the change in cost and time for performance. Project information includes the project name and the owners and contractors information.

What do change orders look like?

Change orders usually include information such as the description of the requested change, an itemized documentation of additional subcontractor costs, a summary of the cost of the proposed change, and a statement that states if the project completion date will change based on the change order.

How do you write a good change order?

At a minimum, all change order forms should identify the following: The name and address of the project. The owners name. The name and phone number of the person requesting the change. A complete description of the planned work. The price of the change (including a breakdown of the costs as well as the total)

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