Industry
groups recommend that you get a written estimate from at least three
contractors. An estimate should detail the work
to be done, the materials needed, the labor
required, and the length of time the job will take. Obtaining multiple
estimates
is a good idea. An estimate can evolve into a
bid—a more detailed figure based on plans with actual dimensions.
Seeking more
than one bid will increase your odds of
paying less. Once agreed to and signed by you and the contractor, a bid
becomes a
contract.
The
cheapest bid isn't always the best. Homeowners who accept a rock-bottom
bid may wind up less satisfied overall than those
willing to pay more. One bidder may be using
smaller-diameter copper tubing or cheaper tile. He or she may also be
bidding
on exactly what you say you want, without
making it clear that your pre-World War II house may also need new
wiring and water
lines, which will cost extra.
Make
sure all bidders are bidding on the same specifications and job
description. Take the time to choose materials and fixtures
yourself, since you may not always like or
agree with the contractor's selections. The term "comparing apples to
oranges"
may well have been invented during the
bidding process.
Know
your plans. It can be costly to change job specifications after the
work has begun. Revising your plans can add substantially
to cost overruns, with changes resulting in
lengthy delays. A less-than-straightforward low bidder is counting on
these changes
to make the job profitable.
Source: Consumer Reports
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