Thinking of having your house exterior repainted? How about your kitchen or bedroom needing a fresh coat of paint? Whatever painting job you have in mind, I’m sure it’s not the right color that’s on your top of mind but the pricing on that painting job you’re thinking of.
In this blog, we discuss the two types most contractors charge for their painting contracts: T&M vs fixed price. Read below, inform yourself and see which one fits your painting job the best.
Fixed price or flat rate for small, clearly defined projects
A fixed price or flat rate gives a client an exact rate for a project. Regardless of the time and materials spent, a contractor will deliver the project for that amount.
A fixed price means we as contractors are getting paid for our expertise and not for our hours. For the client, it means he gets what he paid for with no surprise additional fees at the end.
These projects can be paid in full once the project is completed. While it is a fixed price, or in installments as the project goes. An installment pay structure usually consists of a downpayment and several installments as each stage is completed.
Use a fixed price painting contract when the project’s scope of work has been defined with little to no room for changes. It’s also best for those with a fixed budget usually residential projects.
Avoid using a fixed price either when you think the project details may likely change as the job progresses or custom jobs or if it’s too large a project.
Tip: always allow for change orders just in case it is needed. You can always ask your contractor how much a change order will cost. This will typically depend on whether some aspect of the project needs to be reworked or not. If it won’t give the contractor any additional work, then a change order might not even cost you anything at all.
Time & material pricing for flexible, large projects
A time & materials contract allows flexibility and change orders in project details. It can start and stop at any stage and allow a client to control costs down to the material level. It also helps clients know where and what was paid for exactly during the project.
Use when a project’s scope of work is bound to change as the project goes on.
Best for large projects, usually commercial in nature, that are to be delivered in stages. Time & materials bid is also best for repair and maintenance or custom projects as these projects cannot be estimated upfront correctly.
Avoid when you have a limited budget for a project.
T&M vs Fixed Price: Which is better?
Over the years, we’ve discovered that most residential projects and homeowner clients prefer getting a fixed price contract. This is due to most residential painting jobs having a well-defined project area and deliverable. Meanwhile, commercial painting projects and repair & maintenance jobs benefit more from a T&M pricing contract. But these are only based on our experience as a trusted painter in Marin County and beyond.
We understand every painting job is unique that’s why we offer our clients a flexible pricing plan that suits their needs. Now that you know how a painting contract pricing works, why not get in touch with us for a well-informed estimate? Contact us today for a free consultation!