Anonymous wrote:Or a 1/3 to start a 1/3 halfway and a 1/3 upon completion

Similar

1/3 down, 1/3 at at xyz benchmark, 75% of remaining balance at completion, balance when punch list is complete and close out documents provided.

We just had major work done on our house and a payment schedule was part of our contract. It was based on what the contractor needed to pay for supplies and subs in that section, so some payments were more than others. If something came up that was not in the contract, then we worked with the contractor on a change order (additional payment).

For smaller jobs, it's similar to what other PP have said. Either 50% upfront and 50% at completion, or payment in thirds.

Anonymous wrote:I think 25/25/25/25 is pretty common

Sounds fair to all parties.

Or a 1/3 to start a 1/3 halfway and a 1/3 upon completion

I think 25/25/25/25 is pretty common

Anonymous wrote:Definitely with hold last 10% until after all punch list work is completed.

This

Definitely with hold last 10% until after all punch list work is completed.

I have lately been using a guy who lives in my neighborhood. I have been paying 50% on acceptance of the job / contract and 50% on completion.

I'm currently having a major remodel done by a GC. 20% down at signing of contract, and then he bills me approximately every 6 weeks for work completed. Payment of final balance at the end subject to checking by architect.

Just finished a $75k job. Design stuff paid 60% I think; all deign hours paid when used, builder stuff paid based on some schedule. I think it was 20% then another 20% after demo.

My $50K project had a downpayment of 20%, then payments when the work was quarter done, half done, three quarters done and finished.

But I only hire people who come with references from someone I know and trust.

Anonymous wrote:What is your policy?
I keep reading home remodeling stories from hell online.
Anyone would have to be a fool to pay for everything upfront before all of the remodeling work is actually completed.

I pay 50% advance so they can get materials and pay workers and rest after completion.

My spouse does contract work on the side. Half Payment due halfway, test at the end.
Supplies purchased are owed at time of purchase.

What is your policy?
I keep reading home remodeling stories from hell online.
Anyone would have to be a fool to pay for everything upfront before all of the remodeling work is actually completed.