with details of what you want and need in your renovation, then you will get a more accurate price and the contractor will know you are serious about doing the renova- tion and not just price shopping. If you have not hired a designer, then write a list of the things you want included in your renovation. This list can and should be accom- panied by photos of products and
styles, notes on electrical, plumbing, flooring, trim, etc., the more detailed the better. We often call this list a “Scope of Work” which can be provided to multiple contractors to have a consistency of estimates. How many estimates should you solicit? Typically, three (3) estimates will provide a good appreciation for the price of the job. The strategy of having three prices is to have two prices that are close to the same, which allows you to eliminate the high or the low price, which may have an issue if drastically different from the other two quotes. More often than not, if the low price is more than 20% lower, then there may be an issue, either something was missed, or they didn’t understand the scope of work.
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MARCH/APRIL 2022 • SPOTLIGHT ON BUSINESS MAGAZINE
SPOTLIGHT ON BUSINESS MAGAZINE • MARCH/APRIL 2022
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