Understanding the difference between a quotation and an estimate can save you a lot of time and money when it comes to building your new home. Studio 8 Builders and Designers know how important it is for their clients to build within budget, with no hidden costs down the construction track.
“At Studio 8 Builders and Designers, we provide written quotations to all prospective clients so they know exactly how much they are up for right from the start." - Kenn Sopp, Director, Studio 8 Builders and Designers.
So what exactly is the difference? And how can it affect you?
A quotation is a calculated fixed price that is applicable for a set duration of time as specified in the quotation document. This means the price listed is the total, final cost. There will be no extras, no add-ons, and everything is accounted for.
An estimate is an approximation that has been calculated to be used as a basis for a future contract; it is subject to change. This means that the price listed is not all-inclusive, and it’s likely that the cost will increase once plans have been set in stone, and all factors have been accurately considered.
It’s very important that prospective home buyers understand the difference between the two types of prices prior to paying any money, or signing any contracts with home builders. When in doubt, ask the question. Is this a quote or an estimate? The last thing new home buyers want to be faced with is a larger than expected bill, and a contract agreement that’s difficult to get out of. Many new home buyers get caught out when the estimates they receive and the final quotes don't match up and they have to pay more than they budgeted for.
“It’s important for buyers to understand the implications specified in the contract if they’ve been given an estimate only. Don’t sign anything unless you’re clear on the costs." - Ken Sopp, Director, Studio 8 Builders and Designers.
Studio 8 Builders and Designers use the most relevant software to provide accurate quotations for home buyers based on a scaled sketch of their home prior to any payments being made. This Perth builder prides its business on providing honest, transparent quotes to all customers.
When building a new home, ensure you are considering a fixed quotation so you can rest assured with the pricing in the contract. If you're looking for an all-inclusive quote with no hidden surprises, you won’t find better value for quality, versatility or customer service anywhere else. Whether you’re building a new custom home, a unit development or renovating, contact Studio 8 Builders and Designers.