When comparing builder quotes, it pays to do your homework. It’s human nature to want the cheapest price possible when buying anything but especially when purchasing a new home! Savy homebuyers will shop around before they choose a builder and likely seek multiple quotes to help with the decision. However, often times customers find themselves asking why their bids are so different and its hard to know what is good value purely based on price alone.
Unfortunately, when it comes to building a new home there are many, many different variables that make up the price. For that reason, comparing quotes can be one of the most time consuming, confusing and frustrating tasks in the process. All too often, customers make their final decision based on price alone and end up with a product they aren’t happy with.
When comparing quotes, don’t focus on price first. Look at what is included in a quote, what are the builder’s standards/specs? Have you made any special requests and are they included as well? Does the quote include land, taxes, services? How flexible are your choices in finishes. Does the price include everything you are looking for or will you be faced with a mound of “extra” costs?
Its also important to meet with potential builders and talk to them face to face about your expectations. A lot of valuable information can be collected by meeting someone face to face rather than through email or a quick phone call. If you are serious about getting the best value for your money, take the time to speak with the potential builders in person. There’s more to a quote than a quick “what’s your cost per square foot” question!
Remember, to compare apples to apples! Make sure you get it in writing and that you understand what your quote includes.