How Do I Know How To Price My Project Correctly?

When it comes to home improvement projects, most homeowners know what they want or rather what they need done. The biggest challenge comes when trying to estimate the price of the project. It is easy to understand why, especially with so many different variables to put into consideration ranging from the geographical location of your home, choice of materials, the topography of your land, and even the age of your home.

It is only handful homeowners that have enough prior knowledge or experience with construction/home improvement projects to accurately gauge a projects price. As such, we have compiled a few suggestions that may help you effectively estimate the price of your project prior to publishing it on our platform.

It is important to note that, this more of a suggestive model to help you rationalize the price; and not an exact formula. These suggestions will require you to carry out some diligence before you publish your project.

  • Have A Clear Set Of Priorities

    The most lethal enemy to any home improvement project is the unintended growth of a project while at it, in terms of expenses and size, typically known as scope creep. This is caused by poor planning. Understand your needs and wants. Start with the needs, and if the budget allows, then you can work on the wants. A need would be, fixing a plumbing issue while a want can be redecorating the house.

  • Research and Do more Research!

    Once you have set your priorities right, it is time to establish an estimate of what your project will cost. Make Google your best friend, by searching what professional contractors charge for a similar project in your area. This is because a similar project in a different state or location may cost differently.

    Moreover, consult friends, acquaintances or family members, who may have had a similar project done. Things to ask include, how much did they spend, were there any snags and were there any hidden costs?

  • Get Quotes From Several Contractors

    A great way to get a reasonable value in terms of pricing for your project is to get quotes from various established contractors. The beauty of our platform is that it allows you to get access to experienced professionals whom you can obtain quotes from. After getting quotes from several contractors, you can comfortably determine what is a fair price for your project based on the bids from industry professionals. Please ensure that you include photos of the proposed worksite and all the specifics in your project description so that you can get the most accurate estimates as possible.

    Note: Although we host a bidding platform that enables homeowners to obtain the best price points possible for their projects, the lowest price is not always the best! If a contractor/service provider offers a much lower bid than others, please make certain they understand the full scope and details of your project before you hire them.

  • Try DYI TV Shows and Magazines

    These have loads of useful information and suggestions on home improvement projects along with budgets/price points to complete them.