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For those who have done large construction projects - added extra questions
We’re looking to start a very large construction project, and I just wanted to see if the fee schedule was typical.
Deposit: 35%
Payment 2: 35%
Payment 3: 22%
Payment 4: 8%
Thanks for the answers! We asked to spread the payments more evenly.
Follow up question-we are submitting permit applications, so the work won’t likely begin for 10 weeks or so.
When would it be typical to put the deposit/first payment down? Now, or closer to the time we have a solidified start date?
Sorry for all the questions-we have never done something of this scope before.
Message edited 8/12/2020 9:21:15 PM.
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Posted 8/11/20 10:12 AM  |
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SLPRunner
LIF Adult
Member since 12/13 1101 total posts
Name:
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For those who have done large construction projects
Yes... but I usually argue to leave a larger payment for after the project is completed. They need some incentive you know?
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| Posted 8/11/20 11:32 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: For those who have done large construction projects
We did it in thirds. I would never leave so little at the end. What will incentivize hem to finish to your satisfaction?
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| Posted 8/11/20 12:05 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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For those who have done large construction projects
Mine was tied to certain trades. So it was deposit, framing, siding an d then final. I think. It’s been over a year and we only had them do the shell, we are still working on the interior so I try and block a lot of it out!!!
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| Posted 8/11/20 3:31 PM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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For those who have done large construction projects
I agree I would not leave only 8% until the end. I’d do 40/20/20/20
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| Posted 8/12/20 8:52 AM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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For those who have done large construction projects
They probably want those two larger upfront payments to buy materials, etc. I would see if you could cut out that last payment and just make three large payments. Start, Middle, Finish.
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| Posted 8/12/20 11:10 AM |
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StaceyWill
It's a girl!!!
Member since 6/10 21539 total posts
Name:
Stacey
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Re: For those who have done large construction projects
Posted by VickiC
They probably want those two larger upfront payments to buy materials, etc. I would see if you could cut out that last payment and just make three large payments. Start, Middle, Finish.
ITA - this is what we did.
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| Posted 8/12/20 11:35 AM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
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Re: For those who have done large construction projects
1/3 down on signing. 1/3 halfway through. 1/3 at the end, which could be more or less than 1/3 depending on whatever changed during the construction.
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| Posted 8/12/20 1:39 PM |
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For those who have done large construction projects
Thanks everyone. Is this typically something I should be able to negotiate?
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| Posted 8/12/20 2:02 PM |
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tray831
Dee-licious!
Member since 3/06 5355 total posts
Name:
His Baby
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Re: For those who have done large construction projects
Posted by mommywantsababy
Thanks everyone. Is this typically something I should be able to negotiate?
It should be.
And if he doesn't allow negotiation, get another guy.
There's a lot out there.
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| Posted 8/12/20 2:27 PM |
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