Updated: Oct 16, 2020
Picture this: you’ve just sat down with your family after a long week. The kitchen smells amazing, the food on your plate is making you salivate, and you’re all here to enjoy each other’s company. Right before you dig in, BANG BANG BANG starts coming from your laundry room, and it won’t stop, right in the middle of your spin cycle. You are just about ready to close on your house sale, and the washing machine was supposed to be included!! What now?
When hiring a contractor to repair something in your home, especially in a pinch, it is good practice to have an idea about what you are going to pay before you get that hard number. But a lot of people don’t know the difference between an estimate and a quote. Both are used frequently, and sometimes interchangeably, but knowing the difference is important.
Estimates, in short, are an educated guess about what the work may cost. They tend to be based on what a job may or typically does cost. An estimate is not a fixed cost, it can either increase or decrease based on the details that arise when the full extent of the job reveals itself.
An estimate is not a fixed cost, it can either increase and decrease based on the details that arise when the full extent of the job reveals itself.
For example, when you call someone to repair your washing machine, you tell them that you hear a loud banging noise. Based on that description, the repairman can assume that you may need new bearings, a pulley replaced, the drain pump either unclogged or replaced, or the shocks replaced. All of these jobs have different price points, and the repairman may give you an estimate based on the most expensive job to make sure you have enough budgeted.
Quotes, in short, are set prices for services. They tend to be issued on-site when the contractor knows exactly what the job will entail. A quote is a fixed, formal contract that cannot be changed.
A quote is a fixed, formal contract that cannot be changed.
For example, once the repairman arrives and looks at your washing machine, he realizes that only the shocks need to be replaced. The cost is less than he initially estimated. Once that is established, he writes you a quote that you both sign as a contract for the price to be paid.
Mighty’s Estimate Accuracy
Mighty’s estimates are regionally-based, meaning that they are relevant to your area. Additionally, they are backed by a team of insured, licensed contractors. For this reason, we have seen time and time again that our estimates fall within a +/- 10% range of accuracy when compared to an actual quote, as long as the scope of work remains the same.
To get an estimate on your inspection report from Mighty, click here.
Abigail is the Marketing Coordinator Intern for Mighty. She loves popcorn, old lady hobbies like knitting, and, or course, writing. She has a little Chorkie (Chihuahua-Yorkie mix) named Ollie the Dog and can do a perfect impression of a siren.