A realistic budget is one that will cover the cost of building and managing your project.
There is no point going to a Bentley dealership, throwing down 50K and saying "I want a Bentley and I don't intend to pay a dime over 50K."
You may find one for your 50K but you will be giving up something to get it.
When it comes to remodeling you do want a Bentley of a company.
Hear me out, the Bentley part isn't about how expensive they are... it's about their integrity, their service, their reputation and -most importantly- what their clients say about them.
So, don't give up a reputable company just becasue you have other bids for less.
You are right, if you have a bid that seems high compared to the others, they may well just be too expensive.
But you owe it to yourself to ask the contractor "Why?" and where the prices may differ?
A reputable firm will welcome the chance to see how they compair to others (names can be excluded) and why. This will either confirm their numbers based on the way they do business... you know, comparing apples to apples. Or it will show where and why their numbers are not competitive.
(N.B. Be aware that companies that intends to remain in business can not charge you their cost. They must cover their cost of doing bisiness and growning a business that they can be proud of. This company will not be around for very long, which should matter to you if you want them to back up their work. So quite thinking that if a contractor is making money it's too much. This kind of thinking is neither polite nor realistic.)
You want to make sure that the less expensive guys have actually submitted a complete bid haven't sumbitted a minimum number.
In other words don't be too quick to take the smaller bid and run. Ask why it is less than the others.
You wouldn't buy a car without a warrenty that does what it says it will do, would you?
Like most things you get what you pay for. It's just a question of when, and how pleasant it will or won't be for you when you do.
"realistic budget"
- Remodelling Couples (view on Google Sidewiki)
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