Mar 26, 2009 7:54 pm US/Eastern
MoneySaver Report: Negotiating With Contractors
STAMFORD, Conn. (CBS) ―
The recession has ended the building boom that kept contractors busy for years, which means now is the time to get a bargain on a building project.
The construction business is barely scraping by after hitting a wall during the recession.
"I've probably released two-thirds of my crew, so I had to scale down because there's just not enough work out there for them all," said Adam Greto of Greto Contracting.
Greto says the tough economy offers a great opportunity for those who have the means to start a project.
"I tell everybody if you're gonna build, now's the time. Two years from now you're not gonna find these prices anymore," said Greto.
Right now, almost no price is set in concrete.
Take for example an addition over Mark Harary's garage at his home in New Rochelle. Harary asked the builder to reconsider his quote for the paint job.
"I think we probably saved about 30 percent on the price of the painting," said Harary.
Builders say suppliers are also willing to cut deals. The company that sold Greto some concrete blocks was willing to waive its usual delivery charge in order to win the contract.
With everyone willing to negotiate, the expansion of Bethany Assembly of God Church is costing almost 25 percent less than the quotes Pastor Scott Giordano received two years ago.
"People are a lot more willing to talk with you during these times. From materials, labor, people wanting to be involved, that's definitely been enhanced during this time," said Giordano.
The pastor said in that sense, the recession has been a blessing in disguise.
Some contractors say business is picking up, with customers attracted by all the bargains.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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