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Loft Conversions

Is 20% deposit normal for a loft conversion?

Hi, I would like some advice on whether or not a deposit should be paid in advance ahead of the building work on a loft conversion being carried out.
Is this normal?

4 Answers from MyBuilder Loft Conversion Specialists

Best Answer

a deposit is basically a show of trust or both parts, if you feel uneasy paying a deposit then this tradesman is not for you.
as most tradesmen don't know their customers from Adam, why should they give you an interest free unconditional loan. if you asked your local bank for these terms, doubt very much if they would agree, yet that is what you are asking this tradesman to do.
personally if their is scaffolding involved or a lot of material required then I require a deposit, unless we have done work for this customer before and found them to be a good payer. if the customer does not wish to pay a deposit then as far as I am concerned that means their is no trust between us, as this is not the way to start a job then, no job, quite happy to walk away rather than find at the end of the job the customer has no funds to pay.
basically the decision is your entirely.

good luck Alex

2014-08-13T09:55:02+01:00

Answered 13th Aug 2014

Despite some of the other comments made here YES it is perfectly reasonable to pay a 20% deposit or more depending the project requirements.
If for example you buy a new kitchen from one of the bigger stores they require full payment in advance.
Asking for a deposit may have no relevance to a companies line of credit. You should list any deposit and stage payments in the contract. These are put in place to safe guard the builder as well as the client. If no deposit or stage payment is agreed the contractor is basically financing the project for the customer.
Whilst I am sure that you are an honest and decent person you may be surprised to find how many contractors do not get paid in full for works completed and agreed for no valid reason.

2014-08-13T15:10:02+01:00

Answered 13th Aug 2014

Hi, I presume you have a contract with the builder. Personally we never ask for funds upfront, we have stage payments at agreed points throughout the work which normally coincides with building control visits so that the customer knows the work has been done to standard. However a smaller company may need funds to get materials, if you have any doubts offer to pay for the first cache of materials directly to the suppliers. I wouldn't pay for labour if the work hasn't been done yet.

2014-08-12T16:45:01+01:00

Answered 12th Aug 2014

Never Pay a deposit.
If a builder ask for a deposit this usually indicates that his line of credit with a supplier has either been stopped or is unable to get the credit required.
You need to be asking what the deposit is for and if it is for cost towards materials then you purchase the materials required this stops them from leaving the job half done or in some cases not even turning up. At least at the end of the day the materials you buy are yours then if the build turns for the worst your not out of pocket.

2014-08-12T18:15:02+01:00

Answered 12th Aug 2014

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