The Truth About Estimates
Right At Home
Daily: Finding It: Contractors
The Truth About Estimates
By Barbara B. Buchholz for Right at Home Daily
Do you know how to get an accurate estimate for
home renovation or construction?
Too many homeowners are surprised--and later
dismayed--by how much a project costs when all of the numbers are tallied up.
They complain that the final price of the project differs drastically from any
estimates given.
In
some cases, costs escalate because materials cost more than expected,
because labor takes longer due to complications, or because homeowners casually
added to the original project without remembering changes cost more. Surprise!
The bar sink or recessed lights added $1,000 to the price of your job.
But, in other cases, estimates prove inaccurate
because both sides get sloppy. Maybe the contractor didn't put the estimate
in writing. Maybe the homeowner never asked.
The best way to avoid these problems is to have
prospective contractors create a line-item estimate, which breaks down the cost
of the project into all its components. This way you find out what every appliance
costs, how much each material adds to the total package, what the labor costs
will be, and how long the project is expected to take.
You should get at least three bids and compare them.
The lowest bid may be unrealistically low and involve an inexperienced contractor
dying to get your job, or one who uses inferior materials. The highest bid may
include excessively expensive components and work, neither of which is necessary.
If all bids come in at more than you want, you'll
have to increase your project cost or cut back. Ask your contractor for help,
then decide what you can best live without. One homeowner gave up her dream
of a slate floor in her kitchen, restained the existing wood floor and put a
small area of slate on an island, at a savings of $12,000. Or, consider working
in stages if several rooms are involved.
And remember, a handshake, even if firm, is not
a legal guarantee. Get everything in writing.
