Contractor Down Payment
What’s the standard down payment upon signing a contract with a contractor for a renovation job? Job is in the ballpark of $75K if that makes a difference. Thanks.
What’s the standard down payment upon signing a contract with a contractor for a renovation job? Job is in the ballpark of $75K if that makes a difference.
Thanks.
Is there an architect involved? Make sure the contractor uses an AIA (American Institute of Architects)and you will pay either weekly bi weekly, AFTER the work is certified by the architect. I wouldn’t pay anything upfront.
Is there an architect involved? Make sure the contractor uses an AIA (American Institute of Architects)and you will pay either weekly bi weekly, AFTER the work is certified by the architect. I wouldn’t pay anything upfront.
I wouldn’t have any down payment or progress payment of more than 20% and be very careful about not letting payments get ahead of the work.
10%, but they’ll also like 50% of appliances and fixtures up front.
25-35%