breakdown of costs before signing final renovation contract?

[Anonymous]

When doing a whole home renovation with a design build firm, do you normally get a detailed breakdown of every single cost before you sign a final contract to start construction? We have only a partial list of some of the costs and an estimate that is way above our initial estimate. What is standard?

To be clear, this is the final pre-renovation contract after we have made all of our decisions and before construction starts.

[Anonymous]

We got a breakdown of amounts due along the way that covered certain costs. X amount to start, X amount at whatever inspection, X amount at electrical, X amount at drywall.

We had an allowance for fixtures and finishes, if we went above that, we paid extra. We had conversations about that ahead, asking if the allowance would cover granite or quartz for 3 bathroom counter tops, and when they said no, it would cover cultured marble, we said no, that allowance had to be increased.

There were no unknown amounts due when we signed the final contract

[Anonymous]

If you have made all of your decisions, then you should specify those selections in the contract (tile type, size and quantity; light fixtures; outlets and switches; appliances) -- if you know what you want, specify it. Talk with your builder about which costs are set and which costs could still change -- if he has to find another subcontractor for a trade, will he hold the cost to what's specified in the contract? The tighter your contract is up front, the less frustration for everyone when you begin construction.

[Anonymous]

No, that's too vague and they'll bill you massive amounts later. Contract needs to be very specific.

[Anonymous]

You need a contract specifying the materials, brands, colors to be used for everything. Everything.

[Anonymous]

If using a design build firm I would expect a spreadsheet detailing every cost and exactly what you are getting specifying every product and how much will be used. The design build firm I used even showed their profit margin. It will help you identify things you may not actually want or need.

I've also used less full service builders and it's the exact opposite, but they are less expensive.

If you're paying for the project management you should be receiving details just like any other business.