Are Contractor/Handyman Out For The Money On Repairs
I just had a contractor give me an estimate for $40-$45K to fix a 4 Family unit in NYC. Estimated list includes all floors (tiles) paint the enterior, replace about 6 walls, put compound on roof, 2 new kitchen and bath paint the exterior, and some miscellaneous. Do you think this price is reasonable?? I have heard of investor rebuilt the entire inside of a building for $40K... I'm just doing some small fixing to the property as compare to a total renovation.
Adding two new kitchens and baths sounds like a fairly major renovation to me.
The best answer to the question is "Are you out to make money on REI"??? I would guess that the contractor should be out to make a reasonable profit. With the information that you gave, it is imposable to say if the estimate is high or right on target. Get another bid on the work, making sure that they are bidding on the "exact same work" and see where it comes in at.
What did the other 2 bids look like... you did get more than one bid right?
Hi, when soliciting bids on work, I have always examined the entire job myself and have contacted suppliers and checked on materials. I review the labor costs, insurance, workmans comp etc.
I then cost it out and add 10 % for the screw ups and missed items. I then add in 10% for true contractors profit and I then put another 10% on top for when god gets angry and lets the fates have their way.
However I have held the licenses from General Contractor to Plumbing Contractor, my first trade, my Grandfather felt I needed a character transformation so he apprenticed me to a plumber. He did not like the look on my face, said I was beginning to look typical Beverly Hills smart ass. So I spent a happy time under most of the houses in Beverly Hills.
I have built a great deal in my time and I have done a great many repairs of all types and prices. Yet with all my experience I still screw up on occasion and bid short.
Manuel my favorite refugee carpenter has saved me on may occasions. I even put his name on my sign which I put up when ever we do a rejuvination.
I think the answer is that everybody tries to make a profit. It is right and proper but I would hold it to the percentages I described in the opening paragraph.
Cheers Lucius
My husband & I are General Contractors, ask your general if he is willing to do cost plus..what ever he spends you reimburse (granted that he does not drag out the time it would take to complete job). Ask him to give you a breakdown of all expenditures, allow him a 15%-20% ( standard in Hawaii) mark up. If he is not willing, ask him how much he is charging by the square ft. Hope this helps.[ Edited by tiwawan on Date 10/30/2003 ]