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Don't for get worker comp insurance for contractors is extremely high.
A handyman working for $250/day isn't paying workers comp. They're not likely paying taxes either. If they were, they'd be lucky to take home $150/day.
I understand City-Data homeowners just dont care about that... It's just about the bottom line. I dont need that argument again. I realized a long time ago that they're just not my type of customer.
What sets me off all the time though is when I read here that the legitimate quotes from proper businesses are looked at as ludicrous, and contractors are all just a bunch of crooks.
I did my 400 square foot basement for around 30k. Included gut, new bathroom, laundry room, electrical, sumpump and main room.
But my "basement" was already finished but very dated and it is only a basement as it is one step down and definition of a basement is all four sides below ground level, in my case only 12 inches so the whole egress stuff did not apply.
But at that price I was heavily involved in project. At 50K it would be turnkey like on TV. And that was a price from three years ago. My guy would tack on at least 10K now.
A Handyman isn't required to purchase Worker's Comp or disability. And 1 over 2 mil insurance policy will cost about a grand. So its not expensive for a one man operation to be legal.
Whether or not they are paying their fair share of taxes, my guess, probably not. And I would say probably 100% of handymen who charge daily rates between 175-275 is not paying any taxes.
In 2014 I paid 10K to finish my basement (maybe about 600 sq ft, no floors/electric), put in a new full bath with a sump pump, moved the laundry machines with plumbing, dropped ceiling and poured a 300sq ft 4" thick cement patio at the basement entrance. This was done including all material except toilet & vanity.
If I was to rate the workmanship, the framing, drywall & mudding would rate a B.
Plumbing Work C-
Tiling Work C
I've had a leak and a venting issue, but they came back out and repaired at no additional costs.
You get what you paid for. I live with the annoying mistakes that they made But if I had to save another 40-50K, I would still have no useable basement right now. So I have no regrets, its just a basement.
What I learned, if you're going cheap, you need to do a lot of reading to learn how to do things the right way and find the time to micro manage the job.
A handyman working for $250/day isn't paying workers comp. They're not likely paying taxes either. If they were, they'd be lucky to take home $150/day.
I understand City-Data homeowners just don't care about that... It's just about the bottom line. I dont need that argument again. I realized a long time ago that they're just not my type of customer.
What sets me off all the time though is when I read here that the legitimate quotes from proper businesses are looked at as ludicrous, and contractors are all just a bunch of crooks.
I was actually somewhat impressed that my contractor offered no "cash discount" and had no issue with me writing checks vs. cash and that the checks were made out to a real business rather than "cash". It was refreshing.
It drives me crazy that I'm effectively taxed at nearly 50%, while others view our tax system as optional. I wonder how large this shadow economy is, and how much tax revenue the government is not capturing as a result.
The funny thing is, we have a very progressive tax system and these handymen don't make a ton of money, and really would not owe much in taxes. I wonder if they realize that, as a result of not reporting their income, they are giving up their eligibility for Social Security, disability and Medicare.
With the bigger contractors, I intellectually understand understating income (I still find it abhorrent).
What I learned, if you're going cheap, you need to do a lot of reading to learn how to do things the right way and find the time to micro manage the job.
Couldn't be more accurate! I'm learning way more than I ever wanted to about the proper way to get things done.
Ours believe it or not is still busy from Sandy. Not to mention the high tides of yesterday & today! Got enough work for the rest of the year!! LOts of flooding on South Shore. As we have flipping (still) some flooded by Sandy that still recent went on auction block so still lots of basements looking for repairs on LI.
Hey Gibson Station, you need to realize most of these handymen are not looking to retire here in the US, but rather take our money to THEIR COUNTRY. This is what was explained to me by one of these handymen/day laborer's. The guy actually said to me he was building a home in HIS COUNTRY so he can go and retire. THEY DO NOT CARE about social security, just what they can get today.
Just make sure you do not hire one of these handymen because if they get hurt in your home guess who is going to pay for it. Handymen, day laborer, illegal or not have the same rights to sue just as a legal US citizen. If you think you are getting a bargain by hiring handymen/day laborer's think twice. An illegal day laborer just got an insurance settlement for an injury in the tune of $750K. Only allow people in your home that carry Workers Compensation and liability insurance. The honest contractor has to pay for insurance and pays his taxes. These poor hard working day laborers (SARCASTIC) need to feed their families so they don't pay taxes so they can send it back to their homeland and build homes so they can retire. Oh please, enough with the hard workers and that no one wants to do their jobs, hey wasn't it the Chinese, Blacks, Italians that build railroads, dug the ditches and built the skyscrapers. Who felt sorry for them. This is the new thing the poor hardworking laborers. I have worked my rear off since I was a kid of 12 years old. Nobody felt sorry for me. I can keep going on and on, but we are allowing illegal individuals dictate how we the legals must do our business here in OUR COUNTRY the USA.
I know this is an old thread but did you ever find a good contractor at a good price. I'm looking to finish about 400 sq ft of basement. Need to insulate, frame, drywall and put in lights. No plumbing, no bath, no bar. Nothing fancy.
Both quotes were around $50k. A neighbor has a similar situation and got a similar quote from a 3rd contractor.
Where are you finding guys that will do it for around $10k? Please let me know.
50k is pretty high if there is no bathroom or plumbing work. Not sure where you are located or when you are looking to get the work done but I can probably recommend several decent licensed guys who are below 50k. Send me a DM, if you want recommendations.
Just some questions for fun. Did 50k include paint? What type of flooring is included? Drop ceiling or drywall?
Drywall ceiling and paint. Floor typ didn't make much difference in cost.
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