To be able to correctly comprehend a home builder’s quote is an important component of a new home construction or an upgrade. Understanding the quote accurately will help you choose the most cost-efficient builder and will save you from any setbacks and surprises with regards to expenses incurred during construction. Note the following 6 points to enhance your understanding of the quotes builders provide.
1) Ask the Builders to Give You Complete Details on Inclusions and Exclusions
You won’t be able to make a just comparison between quotes if you do not know about what all they include and what all they don’t. Try to get all the quotes you have asked for at the same level of inclusions and exclusions and then compare among them.
2) Request a List of Items that the Quote Does Not Include
Get an explicit list of the items and processes not covered by the builder’s quote. If you want an estimate of the total costs, you can sample in the costs of exclusions and add them to the total price given by the builder in his quote.
3) Know the Quoting Stages
Quoting happens in two stages – in the first stage builders take in the standard quality of all material and equipment to be used, and in the second one they propose alterations in the first quote in order to make the project better fit in your budget. In the first stage, all the builders you are considering should create their quotes on exactly the same amount of work and similar qualities of materials to be used. Working from one stage to the next will also give you a glimpse on the professional conduct of the builder, so you can factor it in while making the final decision.
4) Ask Questions!
It’s essential for you to clearly understand what you are getting in for. Take your time to think of all the questions that you would like the builders to address. A few common questions could be whether the quote includes the engineer’s fee, home warranty insurance, project management fee, hard and soft landscaping, fencing etc.
5) A Quantity Surveyor Can Offer Significant Help
Quantity surveyors are professionals who specialize in working out the costs of building a structure. These guys give you realistic estimates about how much your new home would cost you. Consulting a quality surveyor is particularly helpful to those who are new to the domain of construction or those who have not been involved in a project for a while. The surveyors, being up-to-date with the cost structures, would give you a clear idea on the affordability of the building you are contemplating.
To avoid big surprises when it comes to budgets educate yourself well on the construction process, keep a vigil on price quotes, their exact list of inclusions, and keep a buffer for extra costs that are almost inevitable during the home building process!