The most important thing to remember about a home improvement estimate is that it is an "estimate". It's a price given to you that may vary one way or the other. It's not set in stone. That being said, a home improvement estimate is what you'll seek when you're just not sure how much it will cost for a home repair or renovation job.
Experienced contractors will give you "ballpark figures" to estimate the total cost of your project. This home improvement estimate is the best way to figure out how much money you'll need in your budget, before you get to work.
Calculate Your Calculations
Your contractor will use the dimensions of your home to determine the cost of the project. No reputable contractor will give an estimate "sight unseen", so be wary of anyone who offers a price before visiting the property, inspecting the area and taking dimensions.
Once this information has been gathered, you'll work with the contractor to determine the materials required to complete the job. The contractor will explain his or her markup system, and compare the job to regional pricing. All of these steps will contribute to the final calculation, your home improvement estimate.
Pricing Materials
A professional contractor will base his or her material costs on information gathered from researchers. These figures may be calculated using compiled costs gathered from hundreds of different lumberyards throughout the United States. Researchers will also compile labor costs by tracking the labor trends and collecting certain data from professional remodeling contractors. The contractor that you choose should have access to this information and use it in his or her calculations.
There are costs, fees and prices gathered from various areas and sources, but remember that your job is unique. The price you're given must reflect your specific project. There are other factors to consider, such as your residential area that may be used to calculate a more precise estimate. Help in any way that you can, because an estimate that's close to your actual costs will get the job done faster and easier.
Your home improvement estimate price is based on basic information that you share with your contractor. It's a good indication of what your project will cost, but your actual price may vary just a little bit.
As you work with your contractor, he or she will be able to make accurate measurements and add to any of the details you have already received. These additional calculations and extenuating circumstances may affect the end price. Factors like impeded access to work areas, unusual terrain, scheduling and season weather conditions can also impact your estimate.
It's important to use current material prices when calculating your home improvement estimate. Use the prices that you would pay if you were to purchase the materials at your local building centre. If you contractor offers to provide materials at a discounted or bulk price, it's like getting a little bonus when the job is complete.
If you insist on certain products for their quality and style, however, you'll know exactly what you're getting. Those materials purchased at a reduced contractor's rate may not offer the same guarantee. The extra money is often worth added satisfaction and peace of mind.
Never agree to hire a contractor until you've seen a home improvement estimate. If the quoted price doesn't fall within your budget, feel free to haggle. You may be able to bring the price down just a little.
About the Author
Contributor Dionne Voughar enjoys writing articles for numerous web magazines, on home decor and home interior issues.
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