Many people don’t like to talk about money, but having an honest conversation with your contractor about paying for your new kitchen, bathroom, home addition or remodel is important to both of you. While payment terms may be subject to state or local laws, here’s what you can expect to see in a payment contract for construction for work at your home.
A Deposit is Required
Typically, when booking your construction project, a 10-20% deposit based on the total cost is required. This holds your spot on the contractor’s schedule. It also provides some funds to start buying the necessary materials you’ve chosen, like sinks, tubs or tile.
Multiple Payments are Common
Some contracts outline a payment schedule according to what percentage of the project is complete. Your contractor may prefer that payments coincide with the completion of key parts of your project. A bigger project will typically have more payments, such as after framing an addition, installing the electrical system and then adding drywall.
The Final Payment
Homeowners usually hold onto the last 10% of the project cost until it’s finished. After a walk-through with your contractor to tie up any loose ends and ensure your satisfaction, the final payment is made.
Get a Reasonable Payment Contract for Construction Work in Your Kirkland Home
All Vital Construction is a local company with decades of experience in serving area homeowners with new kitchens, bathrooms, home additions and outdoor improvements. As licensed contractors, we can take your plans from paper to finished project–even a full home remodel! If you’d like to discuss a payment contract for construction for work in your home, contact us today to arrange for an estimate from our friendly and professional team.
Honest Payment Contract Terms for Construction in Kirkland
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