New work you are working on their scedule not yours, you will be called upon to bail them out their poor sceduling habits come closing time, they will expect you to work on weekends and yet not want to pay extra for the overtime you have to pay the guys, you will have to work around many other trades people, and if anything gets damaged they will either blame you or expect you to fix it for free, they take their sweet time paying you if they pay you at all, did i mention I did new work for many years projects $210,000 plus projects knocking them out in 6 months with 15- 20 men working seven days a week and didnt make crap. I personally have a huge chip on my shoulder about new work, and wont do it anymore. One thing that seems to be common and most all will agree on is repaints have a better profit margin. imo
Old work typically a couple of good painters can knock out a job in a week our less and gross profit is about 40 to 50 percent. You dont have to chase after your check, you stay clean for the most part, do you know how nasty you get from spraying 50 gallons in a day on the interior, or all the red clay and mud around newwork. No other subs screwing up your work. And you only have the ho to please, and they care more about quality then price like the GC.
just my 2cents plenty of guys making a good living do newwork, not for me though