The planning options include:
Time & Materials Agreement - Given the uncertainty in working with an existing structure, a time and materials agreement is often most appropriate for remodels. A contractor may experience an unforeseen structural difficulty that is not able to be assessed prior to deconstruction. For example, interior wood rot isn’t visible to the naked eye when discussing a remodel project.
Standard Construction Contract - A standard contract generally is most appropriate when an plan exists for new construction; a price quote can be given with a fairly high degree of certainty.
Design/Build - Lastly, design/build involves the homeowner envisioning an end product and providing budget parameters. Clients can have varying degrees of participation. Clients can opt for a “turn- key” approach, limiting their time involvement.
Your home or your project should ultimately be in your control, with varying degrees of “hands on” obligations. Communication regarding costs early in projects help you to stay within your budget.