Before you can begin replacing your home’s siding following home damage or simply renovating, it is important to be able to compare different quotes from different contractors. Homeowners tend to compare three to four contractor estimates prior to choosing which contractor to hire for their home renovation project, according to a recent Modernize survey. By comparing a number of contractor quotes, you can set a well-researched budget. By collecting multiple quotes, contractors will want to offer you the best price they can offer to increase their chances of being awarded the siding project. However, while you may be impressed by the lowest quote, you must ensure that you fully understand the specifics of your project.
It is important to understand the terminology used with your siding project. Local contractors may offer you estimates, quotes, or even bids. Each of these things is different.
If the professional tells you how much they expect the job to cost, this is known as an estimate. In order to create an estimate, a contractor will use their previous experience and knowledge. An estimate is not definitive, however, as the actual cost of your project may be more or less than the estimate by up to 15% of the initial estimate.
Once signed, siding bids and quotes become contracts. These documents should come with plenty of detailed information that covers every aspect of the job.
It is important to carefully consider each quote you receive. Quotes provided should be clear, detailed and transparent. A proper quote is likely to be quite lengthy, so do not be surprised by this. The quota should clearly list every project detail from the hourly rate that must be paid, deadlines, as well as the cost of the materials required. Other factors such as permits, disposal/dumpsters, labor, as well as portable toilets should be included in the quote as well.
The way the numbers are presented in a quote is vital and should be carefully considered. An experienced and reliable contractor will ensure that the information is clear and organized on a document. In case you feel that the quote does not include every aspect of the project, you should ask for a revised version of the quote before agreeing to work with the contractor.
Like with most types of quotes, you will get lower and higher quotes from different contractors. A 2,500 square foot home may cost anywhere from $5,000 to $45,000 to have new siding installed, depending on which material you choose to use. As the cost can greatly vary from material to material, you should also be prepared to see greatly varying quotes. It is recommended to do your own due diligence when it comes to choosing the best material for your project. Ensure you perform thorough research on your own before selecting the material that best reflects your needs and wishes. Some things to consider when considering material options are the cost, durability, insulation and difficulty to install as these will all be contributors to the quotes you are given.
Vinyl siding is considered one of the cheaper siding options and is usually priced between $2 and $7 per square foot. Brick siding is also a popular siding option that is slightly more expensive at around $8 to $10 per square foot. On the other end of the spectrum is natural stone, an expensive siding material price at around $50 per square foot. Vinyl is the easiest to install of these options, thus, resulting in lower quotes in most cases. However, the other two mentioned options require a bit more time and effort to install, thus, costing homeowners more.
In case you come across an unusually low bid, this should be a red flag as it is likely to be a scam. On the other hand, exceptionally high bids may be concerning as well. It is important to know how a contractor came to the quote they provided, and you should be able to ask them this.
When it comes to either low or high bids, it is important to thoroughly review your quotes for errors and red flags. However, an error in your quote is not necessarily a sign that the contractor is not reliable or that they are a scammer as mistakes are possible and siding experts are human, after all. Be sure to share any questions or concerns you may have with the contractor.
By vetting contractors, you can be sure that you are working with a contractor that is suited for your project and reliable.
Never be afraid to attempt to negotiate with contractors to seek a better price for your project prior to signing a contract. Sharing your budget with the contractor can be beneficial. ensure that the contractor is willing to present any unexpected project changes or expenses in writing. This will be handy when trying to maintain a budget.
Even though you may think it is pointless, it is very important to keep all of the paperwork related to your project. This includes but is not limited to estimates, bids, quotes and contracts. These should be stored in an organized manner and easily accessible should you need to review them in the future.