What is the normal profit margin or % of profit that most residential

Foster Remodeling | Handyman Services | Home Addition | Bathroom and Kitchen 11

Get 3 bids on the remodeling, and find out exactly what type of materials will be used. When you choose one, make sure you know from the beginning on the materials used for comparison with the other contractors. Find out how many days and workers it will take them to complete the job. Surf the internet and check on the type of materials and fixtures estimated cost. Then do some basic math and you should get a good idea on the profit margin. Another thing, see if you can pay them on your terms, bring that up front when they are checking out the remodeling details before they submit there bid. See if they will accept 1/3rd after the first inspection by the city, or when the job is at least 1/2 done. You pay them another 1/3 after the job is done. You pay the last 1/3 after the remodeling clears inspection. If no inspection is needed or required by the city, hire a good home inspector and let him check out the job. Also, if the contractor useses sub contractors, do not pay the last of the monies until you get a release of home lien liabilities from the subcontractor and contractor and the building supply store he got the materials for the remodeling. By having the releases, you cannot be held liable if the contractor does not pay he’s sub-contractors or building supply, you’ll be in the clear. If you don’t get a release from them, if the contractor skips paying them, the sub contractor and the building supply store can come after you and put a lien on your house. Good luck with your r re-modeling, I hope this helped.

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