How does this estimate sound?
Hey guys, long time reader, first time poster. Just got a quote to finish a basement and am curious if you guys could tell me how it sounds price wise. I live in the Cincinnati area, if that matters.
DESCRIPTION: Furnish materials and labor to remodel 700 SQFT of unfinished basement area. The finished area will consist of a Family Room with a walk up wet bar, Game Room, Half Bathroom and an unfinished Storage Room.
This bid includes the following items:
TOTAL COST: $22,900
I think to drive it to scale, I would get at least two other bids from qualified local contractors making sure that what you have listed is clearly outlined in all of the bids.
Compare the bids....
If they are all in the same ballpark, [go Reds!] then go with your gut as to who you like to work with. If they are all over the place, dont go with the cheapest..
And as always confirm insurance, contractors license, references, and make sure you have a completion date in writing.
We've done hundreds upon hundreds of basement remodels and repairs, and that sounds about right to me - for the description of work that would be done.
Realize that the utilities (plumbing and electrical) and bathroom costs take up a big chunk of such a project.
I just did two basement remodels identical to what you have listed this summer, including the wet bar, except with a full bath and one of them had a gas fireplace. They were 450 and 600 sf and the job totals were 11,900 and 13,500 respectively. That is in North Carolina. I will admit i probably did them too cheaply on the labor side and would have liked to make another 1,500 or so each. So it sounds a bit hight to me, get some more bids or ask for a cost plus contract.
Sorry to say this, but it sounds like you are underpricing (low-balling) projects....or you are a newbi....or both...
Last week, one of the jobs our company finished:
Completed a bonus room, with vaulted ceilings (above a 2 car garage) and a large storage area in another part of the attic (unfinished 3rd floor)
Design of the area
Complete framing in missing locations
Install rafter vent
Install R13, R19, R30, & foam window areas
Install in-wall heaters
Install GWB and perform all Drywall work
Install all trim work
Install 3 pre-hung doors
Apply paint on all surfaces
Haul-away and dispose-of all related work debris
Provider a basic clean-up
Finish electrical installs
Etc, etc, etc....
Work performed and Guaranteed - by a State Licensed and Registered company with full-liability Insurance, and Workmans Comp coverage.
and....NO Plumbing, No fixtures, No Bath ($), No built-ins, No bar, No cabinets, NO FLOORING, among other things (Home Owner responsibility)
And I know for a fact that we are 99.9% of the time, always in the middle pricing margin (our clients tell us).
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