How To Find The Cheapest Contractors & Avoid The Most Expensive Ones

Q: I’ve noticed recently that contractors and handymen seem to be charging very high prices for labor. How do I find the cheapest contractors and avoid the most expensive ones? Billy, Staten Island, NY

A: Always bear in mind that the person with the money always decides the price so you’re never obligated to pay anyone’s else’s asking price. Plus, a contractor, particularly one you’ve never done business with is likely to test you to see if he can charge you more money and get away with–that’s to be expected. Depending on your cost of money, it may make sense to take the time and effort to interview more contractors to get more price quotes before you make a decision to hire one to ensure you are paying a competitive price. I also recommend paying contractors by the job, not by the hour whenever possible–this will normally keep renovation and repair expenses manageable.

Thanks for your question, Billy. For more real estate information and tips visit my blog at geraldlucas.com.