Transcript: Scott and CIBC on: Choosing a contractor

[Music plays in the background.]

[Expert advice with CIBC and Scott McGillivray. CIBC logo. CIBC and Scott on: Choosing a contractor.]

[Scott McGillivray and Al Ladha, CIBC Mobile Mortgage Advisor, sit at a restaurant table.]

>> Al Ladha: All right Scott. So we’ve picked our kitchen renovation or bathroom renovation. How do we go about picking a contractor to do it?

>> Scott McGillivray: There’s one fool-proof way of having a great experience with a contractor.

>> Al Ladha: OK. How’s that?

>> Scott McGillivray: You just hire me.

>> Al Ladha: [laughs] And if you can’t do it, Scott?

>> Scott McGillivray: And if I’m not available, there’s a few things that you can do to ensure that you have a good experience with a contractor. The best bet is if you know somebody in your area who’s done a renovation recently. If they have a reference for you, that is probably the best resource for finding someone who’s going to understand your home, your area and give you a good experience with your renovation.

But if you don’t have that kind of contact or you don’t know somebody who can give you a direct reference, online there’s some pretty good resources. And they give reviews. It’s all online. They post pictures. I would go through there, sort of pick your top 10 and start making some phone calls. Because you really do have to narrow it down from a larger pool. If you look at 10 contractors that you like from their online profile on their website, you might be able to get 3 of them to come by and give you a quote. And then you have to pick the one who you think will be best for your renovation.

>> Al Ladha: Well, OK. So if a quote comes in, or we do 3 quotes, and one comes in really high, really low, and you know, and the next one is medium, who do you pick?

>> Scott McGillivray: It’s not necessarily the cheapest one that you want to pick. Every renovation needs to balance 3 main factors. The time, that’s the length of time it’s going to take to do the work. The quality of the work, so the products you’re going to use, who’s going to do the installation. And obviously the price. And you can’t negotiate all 3. You can’t have it cheap, quick and high quality for instance, right? You need to be able to balance. And you need to find a contractor who understands what your priorities are. And I always tell people: it’s best not to compromise on quality. Work on the price, work on the time, but make sure you have the best quality work.

>> Al Ladha: So it’s not all about price then?

>> Scott McGillivray: No, it’s not all about price. You know, this is your home. This is the biggest asset that you have. You want to make sure that the work that’s being done is adding value. Most people do renovations in preparation to sell their house, right? If you want to get that value out and maybe even make some money on the work that you did, you need to have a quality renovation.

[Music plays in the background.]

[Graphic of a house rotates and changes into the CIBC logo.]