Renovation contract (Time frame & payment term)
Every interior design firm payment term is different. However, it shouldn’t differ much.
Renovade suggested payment milestones:
- Deposit upon signing of the contract: 10%
- Hacking and demolition work: 15%
- Masonry & concrete work: 15%
- Carpentry work: 20%
- Electrical & plumbing work: 15%
- Painting and site cleaning: 15%
- Defect rectification and handover: 10%
The key here is to avoid a lump sum payment. How do I keep up or when to get the next payment ready?
You can refer to Renovade process flow infographic to have a better overview of your renovation process.
It is a very important article in this series, as knowing your renovation process flow will help you understand what’s next and how much to prepare for the next payment to ensure a smooth renovation journey.
As renovation work can vary, always remember to check with your appointed ID for better clarification about your renovation process.