Handyman, specialist, general contractor or architect? If you’re in the market for a home renovation, you’ve likely grappled with the differences between these professionals and which is right for your situation. You need to consider what each has to offer and how you can negotiate the best price. “Start by doing your homework on the front end so you understand what’s available to you," says Erin Miles, Financial Center Manager with Fifth Third Bank. "This will help you get a fair price without making impulsive decisions.”

If your home improvement project involves tasks you can’t do yourself, you will need to hire someone to help you. This may include:

• Handymen generally have a large breadth of experience but often don’t have the level of expertise of specialists. Good for small projects around the home, such as painting, handymen typically cost less than specialists. However, not all of these professionals are insured for property damage and personal liability so make sure you ask before hiring one.
   
• Specialists are trained in specific areas and include electricians and plumbers. These professionals cost more than handymen, but are fully qualified to complete your project if it falls within their area of expertise.
   
• General contractors are responsible for managing your home improvement project from start to finish. They will provide estimates, find materials, hire subcontractors, provide equipment, maintain accounting and accept liability for your project.
   
• Architects are trained to create new space that incorporates your needs and wants in an aesthetically pleasing way. However, keep in mind their designs will likely cost more to build than those of a general contractor.

When selecting a home improvement professional, there are a few key questions you need to ask. Make sure he or she has the proper license for the work that needs to be done and is insured for property damage and personal liability. It’s also smart to ask for references from previous clients and view completed work. Additionally, get formal bids for the plans and specifications of your project. Finally, find out how many projects your candidates are working on and what they foresee as the timeline for your project. “Understanding exactly what you’ll get for the price offered may help eliminate surprises later on,” says Miles.

To help you negotiate a good price, Miles suggests the following:

• Do your research. Make sure you know what you need and the scope of work that is required to complete the project. Doing so helps ensure all necessary work is included in any bids you receive.
• Get at least three bids. Let each person you approach know that you are requesting other bids so they are motivated to give you their best price.
• Ask for a line-by-line estimate. This way you’ll know what you will be charged for each service and materials used. This eliminates some of the pricing guesswork and allows you to make an apples-to-apples comparison. Also, make sure the estimate you receive is signed to help ensure what you’re offered is what you get.

If you need help financing your home improvement project, Fifth Third Bank offers home equity loans. This fixed-rate option allows you to use equity you’ve already built in your home. The advantages include a low interest rate and knowing the exact amount of your monthly payment. Additionally, you may qualify for a tax credit on the loan’s interest. Talk to a Fifth Third Bank financial professional to see how you can receive this — and other — home equity loan benefits.

For smaller projects, Fifth Third Bank offers several credit cards, many of which offer an introductory zero-percent APR for six to 12 months. “We want to help you learn about all of your options and find the right way for you to pay for your home improvements,” says Miles.

To learn more about finding the right home improvement professional, contact Fifth Third at (866) 475-4201 or visit 53.com.

All loans subject to credit review and approval.

Fifth Third does not provide legal or tax advice. You should consult your tax advisor with any questions.