The quick answer is ABSOLUTELY!
If you have any hesitations on whether or not to share your budget with a contractor, you need to ask yourself, Why? Are you nervous that the contractor will use every penny of your budget and leave you with a half-finished project? This is not in the contractor’s best interest any more than it is for you. Let your contractor know what your budget is right away. If you treat your contractor like there is always something to hide, you can expect the same in return.
Disclosing your budget to your contractor will save you both time and aggravation. You may have a $10,000 budget and want $30,000 worth of work. Wouldn’t you like to know your desires aren’t possible before you get your hopes up or spend money on design fees for plans you can’t afford? Likewise, the contractor doesn’t want to spend several hours calculating the proposal, only to find out it was all for nothing, or that he has to recalculate the numbers to align with what you can actually spend.
Today’s remodeling and construction industries are exploding. When I walk through my own neighborhood, it seems as though there are building permits posted in every other window. This is great for all the construction trades, but also presents a problem. There are not enough skilled workers to meet these demands. Most contractors I know are booked out at least 6-9 months, and are swamped with requests for proposals. Writing a proposal can be extremely time-consuming.
If you don’t give your contractor accurate information up front, the time spent on research and calculating, ends up being wasted and costing the contractor money.
In most cases you will want more than one bid on your project. If you reveal your budget to all the prospective candidates, you will be able to compare their bids side by side more precisely. Also remember that the contractor’s personality and style of communication play a big part in a remodeling project. You are welcoming these folks into your home and personal life for anywhere from a few weeks to several months. You need to make sure that you can get along, and talk things through effectively when problems arise, because problems and surprises will come up. It’s a guarantee!
By the way… the contractor will be sizing you up, to make sure that they can build a positive working relationship with you as well.
If you are fair and honest with your trade professional at the onset of your relationship, then you can expect the same in return. Your contractor wants a successful end to your project as much as you do. Remodeling isn’t easy. It’s dirty, loud and disruptive. You won’t regret taking the time to do your own research, and hiring the right group for the job.