I am planning a conversion and small extension of my house and one of the builders I am asking to quote has suggested that he could work on a daily rate

if you know him ,eg how fast and competent he can organise/project manage and carry out his duties,if a builder prices the job thats the price excluding any extras ,this sort of job should take 8-10weeks ,on day rate he may be slower as hes getting paid whatever happens i cant see it being cheaper than a professional quotation regards mitch substructure

Thats all very well, but you dont know how much its going to cost. Plus will you soon have fallouts, when he starts late, finishes earlier and takes longer for his breaks, will he be working 8hr a day, because he will expect a days money, even if he only does half a shift.

All i can say be careful in end of day the builder gets the money lives you in big mess and stress and unfinished work. just you thought you may save some money. And also if involve other builders they will be dearest just because the job has ant been finish in the right way. All i can say try to avoid to do 2 times the same job

fixed price is always best cos your be fine at start but as things drag he wont be bothered cos he will be getting paid with no over heads there is no incentive for him to finish it quick cos he is getting paid come wot may price always best

I agree with everyone but also if you buy the materials and some are faulty you provide the guarantee for both parts and labour! on a fixed price the builder should guarantee both for you, so you can loose out again get a quote Kelvin

get a fixed price that is best

If they do daily rate - instead of a week - they could make it last for 2 weeks - by going slow!!

a deposit, a set date for completion and the rest of the money at the end. you are secure and if anything is not done well, on your final inspection you can retain the balance until work is done right or use that money to hire someone else to finish it off. a daily rate will never give you those securities and you are, for as long as it takes, on the hands of a slow or (fast trader if you're lucky)