A 7-point checklist to compare price quotes

We all know that everybody works from a given budget and would like to get the most out of this when making a project. That is why they ask for a price quote for the execution of a building from different places. We are no different either.

However, it is very difficult to compare the different price quotes since many times the different phases of the construction and their costs are broken down differently by the different companies.

What we would like to help you is how to compare the different price quotes so that later on you will be able to choose the right contractor who suits your needs fully.

You can only compare two or more offers if the given values are the same with every company. (Actually this should be obvious).

Unfortunately it has happened with us too that a client came from another company asking for a price offer but in the meantime (because of advice or thinking over) he changed the expectations slightly. It was no surprise that the higher expectations meant higher prices. Since the investor made the decision based on the price he hired the other company for the project which were based on the earlier expectations. (As he told us later he had regretted his decision).

Tips on how to compare offers

1. Reflect on what is important for you during execution

Because you evaluate differently if you need something urgently to be cheap and later on you have time to expand and you think differently if you want something to work perfectly that you don’t need to touch later on.

2. You need to rank the offers based on these or from the point of view of the price or the wholeness of the execution
   The easiest way is to put them next to each other on the table and then it is easier to look through and change them. But it will be easier for you just to compare two offers at a time from every aspect then compare the better of the two offers with the third one etc. until you find the one most suited to your needs.
   

3. Check the materials to be used
   Is there a difference in quality and whether it is useful for you to choose the more expensive one or the cheaper one suits you as well? What is the minimum expectation in terms of materials which does not undermine the quality?

4. Check the times
   How long do the production and assembling take and when can they start the work? Which causes a bigger problem for you, if you lose turnover because the construction takes longer time or if the building is finished quickly but you have to dig deep into your pocket? Is it even possible to finish the building within the time set in the contract (we all know that PR works wonders).

5. Look out for the guarantees
   Can you validate only those guarantees which are set by the law or are there any other guarantees for example whether the extra lifespan guarantee is worth the extra cost? And do you know how much is the guarantee set by the law?

6. Are there any sub-contractors included in the contract?
   Not always but it has happened before that the investment was delayed because of the sub-contractors. Would it be OK for you? The problem is not by hiring sub-contractors but whether the general contractor can take or want to take responsibility for the sub-contractors’ works.
   
   
7. Payment methods and deadlines
   Are the payment conditions and methods the same? Is it worth paying more if the payment date is extended by 15-30 days?
   
   

These seven points help you choose the best price quote but you can modify this list according to your needs. The bottom line is that you must check every important point while comparing two offers. (Whether it is a financial or human aspect e.g. helping people with disabilities or you have the same bank which would mean no transaction fees etc.). 

Would you like to receive a price quote for the construction of your hall?

We will make a free price quote in a short time.

Please click on the link and give some of the aparmeters of the building to be constructed and our colleague will send you the price quote soon.

I request a price quote for general execution..