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once work begins.
• • Never pay in full in advance, and don't pay cash. Have the contract specify a schedule for releasing payments, and before making the final payment, ask the contractor to provide proof that all subcontractors have been paid - if not, you could be liable for their fees.
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• And finally, remember the adage, "If it sounds too good to be true, it probably is." If someone uses high-pressure sales tactics, requires full payment upfront, asks you to get necessary permits or offers to shave costs by using leftover materials from another job - run. They're potentially disastrous to your bottom line - and you've been through one disaster already.
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• Jason Alderman directs Visa's financial education programs. To participate in a free, online Financial Literacy and Education Summit on April 17, 2013, go to www.practicalmoneyskills.com/summit2013.
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