How Do You Determine a Fair Estimate for Contractor Pricing?


Quick Answer

In order to determine a fair estimate for contractor pricing, determine the specific details of the project such as the project's expected completion, quality, materials and work; obtain at least two bids from a contractor and compare the bids to the average costs using a project calculator or an online resource such as RemodelOrMove.com or Improvenet.com. The websites provide average costs of materials and labor based on the specific ZIP code. Average costs are estimated figures and can vary depending on contract terms, materials used and unforeseen project issues.

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Full Answer

Improvenet.com provides users with an average project's cost estimate and options to find local professionals. From the website's home page, select Cost Guides and choose the desired project from the list. Each project provides an average cost with a link to find an estimate based on a ZIP code.

Another way to estimate fair contractor pricing is to price the cost of the materials being used, including everything from the fixtures to the paint. Add in the cost of a contractor's hourly rate, which is usually between $59 to $89 per hour as of 2015, according to Homewyse.com.

After acquiring the contractor bids and comparing those to the average cost, conduct a price analysis and determine what is fair for both parties. Use a written contract that outlines payment details upon delivery of measurable results.

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