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Payments to builders

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  • 02-02-2020 1:16pm
    #1
    Registered Users Posts: 359 ✭✭


    Hi. Just checking what is usual way builders require payment for extension etc.
    I have heard of full amount paid in weekly installments and then others split up the payments into 2-3 installments.
    The builders we want to go with have weekly installments. Eg. 8k per week, is this normal enough? It's a bit a bit of a nuisance having to think about it every week.


Comments

  • Registered Users Posts: 2,651 ✭✭✭US2


    Chickus wrote: »
    Hi. Just checking what is usual way builders require payment for extension etc.
    I have heard of full amount paid in weekly installments and then others split up the payments into 2-3 installments.
    The builders we want to go with have weekly installments. Eg. 8k per week, is this normal enough? It's a bit a bit of a nuisance having to think about it every week.

    Depends how much work is getting done per week.


  • Registered Users Posts: 627 ✭✭✭Private Joker


    Chickus wrote: »
    Hi. Just checking what is usual way builders require payment for extension etc.
    I have heard of full amount paid in weekly installments and then others split up the payments into 2-3 installments.
    The builders we want to go with have weekly installments. Eg. 8k per week, is this normal enough? It's a bit a bit of a nuisance having to think about it every week.


    Weekly installments are quite common but I would advise if this was the case that you have a program and make sure the builder sticks to it. Have a meeting with the builder at least once a week to discuss progress against the program and authorise the payment with a payment certificate.


  • Registered Users Posts: 2,699 ✭✭✭scwazrh


    Fortnightly in arrears would be a lot more common than weekly. Weekly payments could easily leave you in a position of paying for more than is complete .


  • Registered Users Posts: 435 ✭✭WacoKid


    I did it at pre-agreed milestone stages. Also advise agreeing to hold onto a % of the overall payment until all snagging is complete.


  • Registered Users Posts: 68,317 ✭✭✭✭seamus


    Also depends on how you're funding it.

    We got a mortgage extension with BoI and they insisted that the engineer fill out a form every time we wanted to draw down.

    So if you were paying every week, then engineer fees could get really expensive.

    Luckily the builder was a family friend and we had enough cash to cover his expenses, so in the end we only had to draw down once at the end.


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