How to Obtain an ACCURATE Quote for a Custom Home
When planning a new custom home it’s imperative that you receive an accurate quote from the contractor or design-build company. It’s important that the quote is thorough and doesn’t leave anything out of it. Nobody wants to be shocked with additional expenses when having a home built because specific details weren’t included in the quote.
On too many occasions, some contractors may be leaving certain aspects out of their quotes when it comes to large renovations or the complex construction of custom homes. When this occurs, home buyers are disappointed when the end result is nowhere near what they had intended their homes to look like. This is especially common in areas where the majority of houses available are either considered to be semi-custom or production built.
With these types of homes, you have limited options when it comes to the design and construction plans. If you do have the option of altering the plans it usually means you have to fork over more cash which means you’re now going to go over your budget. If changes are allowed it usually results in the builder simply giving the home buyer an estimate on the costs. When this happens, you may not know the true price of the home until the construction has been completed.
The Importance Of Working With a Good Contractor
A good contractor needs to fully understand exactly what the client wants to include in the home before giving an estimate and signing a contract. A rough estimate doesn’t really do the buyer much good since it can change drastically before the building is completed. This is why it’s so important that the customer and contractor are on the same page and fully understand each other.
The buyer expects to get what they pay for when it comes to a custom home and that all of their construction choices and options are met. They want the design they have approved with no exceptions unless they have agreed to them. For example, if the client chooses a specific colour, sheen and grade of paint that’s what they expect to be used.
The contractor also needs to spend time on measuring and documenting each aspect of the project. Every single shingle, stud, stick of rebar and surface area etc. should be fully and accurately planned out.
Getting an Accurate Quote
At Novacon Custom Builders & Renovators we take pride in creating accurate, fully-vetted quotes on all of our building projects as we provide qualified, accurate budgets. We will work hand-in-hand with you to let you know exactly what the quote does and doesn’t cover. This includes the specific type and amount of materials to be used as well as a written guarantee which states all of the home’s dimensions have been considered. All labour and vendors’ work is also included in the estimate
The simplest method to receive an accurate custom-home quote is to break the process down into two stages which are the baseline price and fixed price.
This baseline price doesn’t include every wish and desire of the buyer as that comes later. This estimate basically includes a common set of options and finishes etc. The purpose of the baseline price is to discover the general price range for the home. At this point you can decide if it’s within your budget before choosing to make any revisions to the home’s basic plan. If you decide to, you can then get together with the designer and contractor to personalize the home with custom or unique features.
If you’re using a contractor’s in-house designer, which is the case with a design build contractor, they should understand what your budget is and help you select finishes and options to remain within that budget. When using a third-party designer, they may concentrate more on the home’s look and feel rather than your financial budget since they aren’t associated with the builder. Once you’ve made selections on the specifics of the home the contractor will be able to generate a quote after pricing out the materials and labour etc.
Also, site decisions must be made on the land the home is being built on such as verifying property lines, orienting or locating the structure, the house pad construction, utility access, tree removal and coordinating driveways etc. Survey work may need to be carried out to make sure there are no surprises when settling on a price.
When giving the contractor a detailed list of specifications for the home it will then affect the baseline price as it will either decrease or increase. This list of specifications is also needed to come up with an accurate financial appraisal of the home.
About Novacon Construction
Novacon Construction is a design build contractor in Toronto that specializes in custom home building and large scale renovations. We are one of the top rates contractors in the GTA and pride ourselves on quality work, great communications and transparent pricing. At Novacon, we are more than pleased to share our strong referral base with our clients as we establish strong relationships with each customer and are more than willing to go the extra mile to make them happy. If you are interested in a custom home build in Toronto, contact us today to schedule a free consultation.
- The Benefits of Home a Renovation in Toronto’s Competitive Real Estate Market - March 12, 2023
- 5 Popular Home Renovation Projects in Toronto - March 12, 2023
- How to Choose the Right Contractor for Your Toronto Home Renovation - February 15, 2023