45% deposit prior to starting renovations

[themummyway]

Huge red flag right?!

What is a more reasonable figure? 10-20%?

That is high, average for projects I work on is 30/30/30/10.

These are for much larger projects, the first 30 pays for materials, skips, licences, disposals and wages.

10% is I think a bit low when you consider the current situation, many builders would have used a lot of reserve cash to keep the business afloat during Covid depending on their outgoings. Not your issue but none of my contractors would start with a 10% in Normal circumstances. I’ve worked with mine for over 10 years.

As another said a small amount is retained for snagging and paid a few months later.

Also have you got references, checked they have insurance in place, if they are Ltd company checked companies house and ensure they are registered with the appropriate trades.

@FAQs

That is high, average for projects I work on is 30/30/30/10.

These are for much larger projects, the first 30 pays for materials, skips, licences, disposals and wages.

10% is I think a bit low when you consider the current situation, many builders would have used a lot of reserve cash to keep the business afloat during Covid depending on their outgoings. Not your issue but none of my contractors would start with a 10% in Normal circumstances. I’ve worked with mine for over 10 years.

As another said a small amount is retained for snagging and paid a few months later.

Thanks for this @FAQs - I thought it was ridiculously high and I've made clear that I'm not happy to cough up £25,000 without working starting!

I'd be footing the bill for skips so that wouldn't be covered by the first payment.

I'd rather cough up under 10k! I appreciate that times are tough for business but bloody hell it's tough for all

What work are you looking to have done and where abouts are you so I can share some comparable costs? We've had a large amount of work done by different builders including new roof, side return, garden landscaped in the past 3 years.