How Accurate Are Homewyse Cost Estimates?

How close are Homewyse costs to actual costs? Should I expect homewyse cost estimates to differ from actual quotes/bids?

As explained in detail here, Homewyse cost estimates are base on the Unit Cost Method.

This approach yields good results when the scope of work (description of exactly what work is to be performed), material quality and wage levels are known - and match the descriptions in the Homewyse calculators. In practice, the largest variance between estimated and actual costs for homewyse calculators arises from labor rate differences. For this reason, the Installation Cost Calculators show a Lower to Higher range for Labor costs. This Lower to Higerh range brackets mid-range Labor wages with good accuracy for the tasks at Homewyse.

It is often the case that general contractors and designers are more capable of securing services at these prices - because they are familiar with fair pricing trends AND they are not afraid to negotiate for a fair price. Consumers who do not negotiate are likely to be quoted higher prices and will often pay higher than market prices. Caveat emptor!

Innacuracies due to imbalanced supply and demand of skilled labor do exist. Highly skilled and "in-demand" specialty labor (e.g. certified installer for a premium countertop brand with controlled distribution) in a smaller community may not have any local competition. These vendors are under no obligation to set their prices at average levels and may price their services higher than national averages.

And... Homewyse does make mistakes in collecting, entering and publishing data and updates to the data. If you suspect an error, contact us (using the contact buttons on the calculator page in question, so that all data from that page will be sent to us with your note) with details of the error and correct pricing data. We'll review and correct mistakes.