While every interior design firm has differing payment terms, they should not vary too much.
Renovation payments are usually STRETCHED across the ENTIRE DURATION of the renovation period. Payment milestone is set to ensure that work is done before handing over the next set of payment.
Renovade suggested payment milestones:
Deposit upon signing of contract: 10%
Upon commencement of work: 30%
Upon completion of wet work: 30%
Before Carpentry installation: 25%
Defect rectification and handover: 5%
1. Avoid Lump Sum Payment
The key here is to avoid any lump sum payment. To help you keep up with when to get the next payment ready, you can refer to Renovade process flow infographic to have a better overview for your renovation process.
2. Ensure Work Done Before Paying Next Set Of Payment
Knowing your renovation process flow will help you understand what work is to be done next and how much to prepare for the next payment to ensure a smooth renovation journey.
As renovation works vary greatly depending on the scale of the renovation, for better clarification about your renovation process, do check with your appointed designer.