Handyman tips-How to understand a building estimate
Understanding Building Estimates
When a builder provides you with a written estimate there are certain provisions that are not an exact science.
For instance material costing is not 100% accurate so you need to allow for a 15% mark up on certain materials.
The problem is that from the time of the estimate to the time of starting the job-usually some builders state that estimates are only guaranteed for six months from the date of the estimate,this provision is to safeguard them against price rises and discontinued stock.
Your builder will give you an estimate based on the specifications you give,so make sure you are clear to yourself and the builder otherwise there will be misunderstandings and the end price of the job would be more than that quoted for.
The builder will not do any job for free so don't be tempted to add jobs here and there as they go along,this will only strain the relationship between you and the builder,in some cases this type of action leads to the builder walking out on the job.
The estimate should set out the completion dates of the various jobs. Beware of "provisional sums"-this usually means that the builder intends to use sub-contractors for some of the work but has yet to receive their estimates,so this estimate could change and change considerably,sometimes adding 30-40% onto the totals.
Confirm final sums so that they are adhered to and there is no room for massive fluctuations latter on.
Check all references from the builder and their sub-contractors to make sure your home is covered by adequate insurance in case something goes wrong.The last thing you want is for an accident to happen in your home and the blame is being shifted from the builder to the sub-contractor and vice versa.To avoid any conflict check the liability insurance of all the workers in your home regardless, and if in doubt take photocopies.
Spot check:
- get written estimates
- only accept firm and final quotes and not provisional quotes
- if you are going to add more jobs then tell the builder and let them quote you for the extras
- allow a 15% over budget for unforeseen contingencies
- inspect and copy liability insurance of all workers and professionals in your home
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