| Calling for Bids |
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You’ve been busy. You’ve found and interviewed some remodeling contractor candidates and selected two or three you think you can work well with. It’s time to talk money! The key to accurate bids is accurate specifications. That is, contractors don’t have to guess when working with clear remodeling plans. They know how much the materials will cost, how many hours it will take for each stage, and how long until it is done. Contractors who have to guess will always do so toward the higher price. So your first job is to make sure that each remodeling contractor has the same complete set of prints and specs. The cost of extra prints is small compared to the total cost of the project so, if you really want an accurate bid from a contractor, make sure he or she has all the prints and specs needed. Be sure you know what’s included in the bids. Building permit fees? Travel expenses? Site security? Cleanup charges? Also ask for a start and finish date in the schedule. It will make a difference as you pay interest on a remodeling loan or need to schedule the rest of your life around this project. Get job responsibilities in writing on the bid. Who will call for inspections? Who notifies the lender to release a draw? How will changes be handled? These questions must be answered in the building contract, so ask the contractor to include them in the bid. You can narrow the contractors to one or two of the best bids and ask for a rebid based on minor changes. You can also tell contractors what you’re looking for in the final bid. “How can I get a final bid that’s 10 percent less without cutting quality?” Or “I need a rebid based on my doing all the flooring.” Be careful; don’t get cheap. If you’ve developed a working relationship with these bidders, you have an idea what it will take to get a fair bid. And that’s what you want. Remodeling Savings You’ll hear contractors refer to substantial completion. It’s the time at which the contractor feels that he or she has essentially finished the project, but before the final inspection. Make sure you agree with the contractor on what’s completed and what is left to be done before final payment for services.
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