YOUR MONEY
"We need a ball park estimate of what this project will cost in order to help us select a contractor and to know whether we're going to finish the plans."
- Lowest estimate: Maybe the contractor doesn't understand the job or has left something important out or is "low balling" you.
- Highest estimate: Perhaps the quality or work scope actually requires this price?
- Middle estimate: Maybe his work is also just average quality?
- Without a lot of work, contractors cannot know what your project will really cost. Realistic estimates cost money but can save you time and ultimately dollars.
- A ball park estimate cannot be accurate and cannot provide a secure basis for you to select a contractor.
"We have to know what our project will cost and know the price is competitive."
- You have to wait for final building plans and drawings to get competitive bids but good contractors can help you save money and improve quality during the architectural process.
- You can get a fixed price bid, but beware of expensive change orders resulting from weak building documents and limited owner/architect project management expertise or time.
Our approach:
- Find a contractor you trust, involve him early in the design process and demand "transparency." Ask for his markup, profit and labor rates. Find a comfortable relationship where you can talk openly about your fears, expectations, and any disappointments as the job proceeds.
