Experts: Get 3 bids before hiring a contractor

You've heard the advice: Before you hire a contractor get at least three bids.

Of course, most people don't do that. Maybe it seems like too much work.

"But that's a big mistake," said Cheryl Reed is with Angie's List. "You should get three bids because you're not going to know if you're getting a fair price if you only have one."

Reed shared this story about a member who needed his home air conditioner fixed.

"The first contractor to come out to his house told hit it would take $8,000; he'd need a complete unit replacement. He went ahead and got two more bids. And low and behold, the next two bidders said they could fix that with just one part replacement. He saved himself almost $7,000 by getting three bids," she said.

And this is not an isolated case. It happens all the time.

Remember the goal when comparing bids. You're not after the lowest price; you want a fair price from a company you know does good work.

More Information is available here and here.