One Lump Sum Payment To Id Firm

[HerRoyalMagness 0]

My bank issued me a cashier's order for the full renovation sum instead of the split up sums.

How can I ensure that all the renovation works are being done smoothly and on time after handing over the money?

Can anyone suggests how I should go about this process? I am ok to hand over the full amount, however as this is my first time dealing with this firm which was recommended by the renotalk website, I'm afraid to get the short end of the stick once the full amount is paid before the reno.

I tried asking the bank to change to seperate cheques but they said there will be a $200 surcharge😠😠.

Can anyone please suggest some ways?

Thank you.

[forkel 0]

Can i know which bank is that?

Thanks.

[HerRoyalMagness 0]

Hi Gene,

Thank you for your reply. Oh no! The reno firm did not ask for full payment but payment in parts. However the bank issued me the full sum and not in parts.

I'm just wondering how can I go through all these with as minimal distrust as possible.

[ace123 0]

hi herRoyalMagness,

maybe u can cancel the order, should not have any charges.. then u withdraw cash personally and pay to the company.

thanks

[RetiredInteriorDesigner 0]

hello

one advise. dont pay them the full amount at one go. i can think of so many different ways this can go so bad for you...

[sengkee86 0]

I will never pay one lump sum before renovation is done.

I thought should be different stages pay certain percentage of renovation fee.

That was what I knew from ID companies that I asked

[Renowip 0]

Can anyone advise the typical payment mode/schedule?

I have a few to share:

ID1:

10% Deposit

30% Day 1 commencement of work

20% Delivery of raw materials/tiles

20% Completion of masonry work

15% Delivery of carpentry before installation

5% Last payment upon completion

ID2:

15% Deposit

50% Day 1 commencement of work

30% Delivery of raw materials/tiles/Completion of masonry work

5% Last payment upon completion

ID3:

20% Deposit

40% Day 1 commencement of work

35% Delivery of raw materials/tiles/Completion of masonry work

5% Last payment upon completion

So far I quite like ID3 but just realised deposit is 20%

Edited October 19, 2015 by Renowip