Why Cheap Doesnt Always Mean Affordable In Construction

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Why Cheap Doesn’t Always Mean Affordable in Construction

Anytime you get repair work, renovation, or upgrades to your home it costs you money and requires a certain level of trust in your contractor. No matter what size your project may be, everyone wants to find the best contractor at the lowest price. One thing Lions Den Construction wants you to remember is that the cheapest contractor may not always mean the most affordable price for your project.

Is Cheap Always Cheap?

Before you start any project there are a lot of factors to consider aside from the quoted price. There are many reasons that one contractor’s quote for your project may differ from another’s. You may be curious about their qualifications, experiences and even if they are really a professional outfit. There are a few questions you should ask anytime you are looking to have work done on your property.

What is the Market Value?

It is important to understand the market value of the work you want to be completed prior to seeking a quote from a contractor. Small differences between quotes can be attributed to simple business differences. However extreme differences in the price of the same project quoted by different companies can be confusing. Knowing how much the average market rate for a project usually runs will give you a good idea about which contractors are giving you a fair price.

Red Flags

You should always seek at least 3 – 5 quotes for services anytime you hire a professional contractor. This will give you a good idea of which prices are overly high and which ones are suspiciously low. There are some red flags to look out for such as low rates that barely cover the cost of materials or rates so high they would pay for three times the amount of work. While not all low rates are nefarious, sometimes very low rates show a contractor is desperate for work. On the surface, that means he is eager to serve, but that also means the job will be rushed and in the event of a problem he may be too hard-pressed to address it later.

Rushed Work

A lot of lower-priced projects get rushed by more competitive contractors. In simple jobs, this may not have an impact on the end result, however on a bigger project that could translate to missed details due to poor planning. At the end of the project, you may find yourself spending more money to hire a second party to fix the mistakes of the first. Instead of saving money, you may end up spending more than most of the initially quoted figures.

How Lions Den Construction Can Help

Hiring a contractor for your project and managing their progress can be difficult if you are not sure what to look for. Any construction project can go over the budget or take longer than expected to complete. Working with a reliable Toronto general contractor like Lions Den Construction is the best way to reduce your headache and complete your project affordably. If you are looking for more information about your next project, we are standing by at (416) 893-8318 to help.