I am on a condo board. we are getting ready to start a$29,000 siding job (remove wood, install hardie, paint) .
Contractor has asked for $8600 to start.
Reasonable?
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if he has a good reputation for honesty and timeliness, yes
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Depends on where you are located. Some states limit initial draw to 10% or something like that. Check with your state licensing board - if you have legal limits and he is asking for more than that it's a big red flag.
I put down $1,000 to start a $250,000+ job; first payment was after completion of demo one week into the project which covered the demo sub plus initial lumber delivery. You may want some kind of milestone like materials on site before putting down almost 1/3 of the $$.