How Much Does It Actually Cost to Hire Remote Developers?

[ramnarayanan]

I’m planning to hire remote developers for a software project (not more than 5 developers) and I’m trying to understand the actual cost involved. I have seen very different pricing online ranging from hourly freelance rates to monthly costs for dedicated developers. The numbers also seem to vary depending on the developer’s experience, location, technology stack and engagement model.

For those who have hired remote developers before.. what kind of budget should I realistically expect? Is it better to pay hourly or agree on a monthly rate? I’m particularly interested in hearing from people who have worked with remote developers from India, Eastern Europe, or Latin America. Also are there any hidden costs I should consider apart from the developer’s salary or hourly rate?