You have reviewed estimates from Calgary-based contractors for your various bathroom, kitchen, basement, or flooring Renos, and now you’re ready to start your home improvement project. First, ensure a complete thorough scope of work, pick the materials and schedule a date for work, there is another decision to make: choosing the payment schedule.
PAYMENT SCHEDULES ARE CRITICAL TO THE SUCCESS OF THE RENO.
RenewVation Home Renovations usually does a payment schedule based on the completion of milestones. These milestones include items like the following, the start of the job, completion of framing for the basement, completion of Plumbing rough-in for your new kitchen, Cabinet Delivery, and of course upon completion.
Each contractor will handle this differently, and most will place a larger percentage at the front of the renovation, as this is when most expenditures happen. Items like Countertops and cabinets need to be preordered. Flooring needs to be reserved, and drywall delivered. Much of the cost of the renovation comes at the front of the work for the contractor as well.
Then there should be important milestones that are easily understood. A milestone such as Completion of Electrical Rough-In. This is easily confirmed by the layperson, and can be viewed and understood. At NO point should there be weekly draws, or begging for money to continue. An important part of the business of contracting is managing cash flow around the budget presented to you.
BEFORE YOU BEGIN YOUR BASEMENT DEVELOPMENT OR HOME RENOVATION
Before you begin your project to create that dream basement, kitchen or bathroom please ensure you have the following in place:
- DETAILED PAYMENT SCHEDULE
- SCOPE OF WORK, DETAILED AS CAN BE
- ROUGH TIMELINES
Assuming you’ve ensured the contractor has a city license, and insurance, then the above items are the next things you require to be in place before agreeing to move ahead with the project.
A detailed payment schedule is required so you know exactly that the project is moving forward, and NEVER DEVIATE from this PAYMENT SCHEDULE. True to almost every bad contractor story is the customer being begged for money off of the schedule. This behavior is a true red flag of trouble beginning. Take caution.
THINK RENEWVATION HOME TRANSFORMATIONS
For your next project, we would love to work with you. From design, plans, 3d Renderings to payment schedules to completion of the project we endeavor to create projects we are proud of and truly please the people we work with. Feel free to phone or text 403-604-1803 or email us.