Troico Blog

Benefits of Fixed Pricing Renovations

October 14, 2020

There are several reasons why you might consider renovating your house. For one, you may be looking for a significant change in your living space. Furthermore, there may be components of your home that are no longer needed or effective, and therefore, need to be upgraded. Whatever the reason may be, home renovations can add to the resale value of your home.

At Troico, we use a fixed pricing strategy for home renovations. We strongly believe this strategy increases homeowner satisfaction. The following article will discuss a few reasons why fixed pricing renovations are the best option for you.


What is Fixed Pricing?


Fixed pricing means that homeowners are charged a single price for home renovations. The cost of renovations is assessed by the project manager and the homeowner must agree to the cost before work can begin. Fixed pricing ensures that homeowners do not pay more for renovations than the specified price, unless components are added, withdrawn, or modified.


#1 Benefit: Transparent Pricing

Home renovations are a considerable investment. Fixed pricing renovations allow homeowners to assess their financial situation and adjust their spending to ensure the renovations fit within their budget. Remember, fixed pricing renovations are subject to change if alterations are made during the construction process.


#2 Benefit: Contractor Timelines

We’ve encountered several homeowners that have had negative experiences with contractors in the past. A question we frequently receive when discussing renovation details with a client is, “how long will it take to complete the project?” With fixed pricing renovations, homeowners are less likely to deal with unresponsive contractors as they have more of an incentive to complete the project quickly and efficiently. The longer a fixed pricing renovation takes, the less work a contractor will receive.


#3 Benefit: Easier Time Lending


While it would be nice to pay for a home renovation project out-of-pocket, we understand that it’s not a practical solution for everyone. Thousands of homeowners rely on bank loans to afford home renovations; securing a loan is made easier with fixed loan renovations. Banks prefer handing out loans to homeowners that have a clear estimate of the cost of their renovations, as opposed to variable priced renovations.
Furthermore, fixed pricing renovations make it easier for homeowners to commit to a contractor. Variable priced contractors have been known to charge an extra 15% on top of the estimate due to unforeseen material and labour costs. Variable priced renovations can make it tough for homeowners to budget their finances.
When the time comes to renovate your home, make sure you go with the professionals that offer fixed pricing. For more information about the services we offer, call Trocio today!