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Home > Consumer Guide > Types of Home Improvement Quotes
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Types of Home Improvement Quotes
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There are several different types of home improvment quotes used by contractors today - Estimates, Bids, Time Plus Materials,
Price not to Exceed, Hidden Damage.
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- Estimates:
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This is an educated guess about the time and material costs necessary to complete your medium to large
job. Usually, you will be provided a low and a high number that normally range within 20% of each other. The
advantage is that you pay the actual cost and no extra mark up to cover contingencies. The disadvantage
is that you do not know your exact cost in advance, but if you are comfortable with a price range then you can save money.
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- Bids:
This is a firm quote on labor and materials for your job and will be the amount you pay. The advantage is
that you know the exact cost up front. The disadvantage is that the contractor has to plan on unforeseen
problems and your cost will be substantially higher than other methods because the contractor has to charge
more to cover the risk of unexpected costs.
- Time Plus Materials (T + M):
You are charged only for the actual time worked and materials purchased. Though most companies do not allow
it, Handyman Matters will advise you on materials to buy and help you make a shopping list so you can buy
your materials and do not have to pay us for shopping time or warranty markup on the materials you want.
The advantage of this method is that it is the least costly (estimates are always calculated at a higher
hourly rate) and fastest way to have many small to medium sized projects done. Also, it is easy to expand
your to-do list without changing any contracts. The disadvantage is that you do not a have a firm price up
front, but rather an approximate time frame.
- Price Not to Exceed:
This is like T+M but provides the homeowner with a price the project will not exceed. Typically, the
contractor will quote you a price they are sure of, taking all unexpected problems into account. This
method will be slightly more expensive than T+M, but it is your second best choice to keep your costs
down on small to medium sized projects.
- Hidden Damage:
Damage discovered that could not be seen before starting your project is not included in any of these methods.
Ethical companies will notify you of this and give you a written change order with any additional costs
as a result before proceeding. Handyman Matters’ policy is to stop work, inform you of any problems we
discovered, and give you a written change order detailing all the additional costs for you to approve
before continuing your project.
Depending upon the scope of your project, Handyman Matters can work with you in any of these ways, and we
have found it’s best for you to choose T+M for typical “handyman work”, and the Price Not to Exceed option
for larger projects.
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Consumer Guide Contents
- Making Sure The Job Gets Done Right the First Time
- Making Sure They Can Do the Work
- Ensuring Your Contractor Will be on Time
- Making Sure You Get a Fair Price and the Final Bill Won’t Exceed the Quote
- Types of Home Improvement Quotes
- Ensuring Craftspersons Won’t Be Rude or Messy
- Communication and Job Progress Updates
- Guarantee
- Availability
- Legal Issues
- Convenient Contractor Check-List
(21 Questions to Ask to Make Sure Your Project Gets Done on Time and on Budget)
- Letter from the Handyman Matters President and Founder
Printable Version of the Consumer Guide.
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We are very happy with the work that was done. We would definitely use your company again. Thank you for taking the time to make this situation right, we are both appreciate.
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