Hey everyone! I'm in the midst of planning a renovation and I've hit a bit of a dilemma regarding whether or not to disclose my budget to contractors. My husband believes that telling them our budget might lead to inflated quotes, so he prefers to say something vague like 'it depends' or that we haven't really decided yet. I, however, feel that being upfront about our budget could help us get a clearer picture of what we can realistically expect for our project. We have a flexible budget, but I also want to be fair and transparent, as I think it's a valid question for a contractor to ask. I want to know how I can navigate this conversation without sounding dishonest. Is there a way to approach the topic of budget later in the process? I'd love some input from both contractors and homeowners! Thanks!
3 Answers
It really depends on the type of renovation. For specific tasks, like replacing an AC, I wouldn’t share my budget; I’d just ask for options. But for bigger projects, like a full remodel, letting the contractor know your budget can help refine choices and give you a clearer scope of what's possible without blowing your budget.
I get your point, but holding back your budget can create mistrust with contractors. If you're uncomfortable sharing, you could give them a range or say you're still gathering quotes. This way you keep some flexibility while still getting their input on costs. Plus, once you have more quotes, you can easily compare and negotiate!
In my experience, it’s actually beneficial to share your budget with contractors. Knowing your budget helps us determine what your must-haves are versus optional upgrades. It saves everyone time since we won’t waste energy on proposals that are way off the mark. If I know your budget, I can guide you better on realistic options without getting into a crazy quote situation later. So, sharing a budget can lead to a better collaboration!