When you have a construction project at hand, you should make sure that you get at least three bids from different contractors. Most people who accept the first bid claiming to be in a hurry end up regretting their uninformed decision. You should ensure you have proper time to seek competitive bids from contractors. If you only seek a bid for one company, the company may put their price very high. Regardless of the size of your construction project, you should have proper knowledge on how to make a hiring decision. If you only talk to one contractor, how will you know if the bid being offered is a “good” price? Below are reasons why you should get 3 bids for your construction project.
You have no means of comparison
When buying commodities, you can shop for prices in the local stores and get to buy from the store with an affordable price. However, this is a construction project which you need a company that will be able to complete it safely, within a specified time and a good price.
Can you know if a price is too low with only one bid? Definitely, it is not easy. When a company offers a very low price, it could be an indication that the company uses inferior materials, inferior workmanship or both. Inferior workmanship and inferior materials on your project is the last thing you want on your project. Look out for three bids so as to have a point of reference when choosing a company to work with.
If the price is too high would you know it with only one bid? It is almost impossible to if you’re being ripped off if you only have one bidder with no competition. You can easily be ripped off and get inferior workmanship as well as substandard materials in your project. Your construction project may be completed only to realize it does not meet the federal construction regulation causing you to incur more expenses.
Reasons for variation in quotes from different contractors
When you consider the advice and get three bids from three different contractors, don’t rush into accepting the lowest bid. You should closely examine the detailed quotes of each contractor to ascertain what each bid includes. Check the quality of materials to be used and the services to be offered. At times, the variation in price could be as a result of a misunderstanding of the project requirement. Ensure the standards observed in the bid are as per the building codes.
It is therefore recommended to have at least three bids so as to know the general price range as well identify the outliers. You will avoid being overcharged as well as being enticed into a low bid that could result in poor quality work.
While price is an important factor to consider before choosing a contractor, the decision shouldn’t solely depend on this. Ensure the company you hire has a good reputation, is insured and offers guarantees and warranties.