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Notes -
Honestly, if a contractor charges you 10* market rate but does a good job, I would just consider that capitalism at work. Yes, it is probably morally wrong and pretty scammy; but what isn't?
The problem (as you noticed) is that price is decoupled from quality.
Re. consequences: No, not really. You should only use licenced and bonded contractors and get everything in writing; specially for important shit. (If you get a guy from the HD parking lot to lay some carpet, the worst that happens is you need to relay the carpet. Less so in the case of eg. roof maintenance.)
If you get everything in writing (Dates and Rates+ specified materials at specified prices, etc) and they fuck you on one of them, you can usually recover something in small claims court or get them to redo the work because they know you can get them in court.
If you don't have it in writing? hahahaha get fucked kid.
The real issue is that lots of shitty contracting only becomes apparent 3 years later when the boomer fuck who had the license is dead or cirrhotic or fucking coolie boys in Malaysia
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