The Difference Between Lump-Sum and Cost-Plus Construction Contracts

Construction Contracts
Our team does in-depth planning and design before pricing a project and presenting a contract to our clients. In order to present an accurate cost, we must have all the planning done and included in the scope of work.

We get a lot of questions from homeowners about how to price their construction project.  When it comes to custom home building, there is no “one size fits all,” cookie-cutter costing system.  Every single project is unique and different – which means it involves its own design, its own construction practices, and thus its own unique price.  But did you know that there are many different ways to get bids on your construction project?  In this article, we will discuss two of the most popular kinds of construction contracts: lump-sum and cost-plus.  It is important that you understand the difference, including the pros and cons of each, so that you can make the right decision when it comes to requesting financial information on your project.

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“Can You Actually DO That?” Tales of Wonder in Construction

From the Great Pyramids of Giza to the cathedrals of Europe, construction over the ages has been a source of wonder and amazement.  Whether dealing with plumb-bobs and rugged stone or lasers and steel, builders and tradespeople are viewed with a sort of awe, as they carry a wisdom and courage about the material universe that seems several notches above the average person.  

Although we are not building cathedrals or pyramids, today’s builder or remodeler is still accomplishing feats that often go un-acknowledged, because all people see is the finished product.  Until one experiences or hears the tale of the barriers one had to overcome (and there are many), it seems that building or remodeling is routine and mundane, as if one need only stack up some lumber and slop on some mortar to build a house.  The truth is, no one construction project is the same, especially when it comes to custom home building and remodeling, and we’re here to share some stories (and Before and After photos) of construction projects we’ve done that were, each one, an adventure in itself.

Historic Home Restoration Clearwater
2017 © Nickolas Sargent Photography

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The Custom Home Price Confusion

Custom Home Build Island Estates

Custom Home Build Island EstatesAward-Winning Custom Home

How Much Will it Cost to Build My Home from the Ground Up?

Your dream home is in sight! You have worked out the number of bedrooms and bathrooms you want. You have ideas for the kitchen, living room, fireplace, floors, fixtures and furnishings. Oh yes, you also want a pool with a custom deck, landscaping and a 3-car garage.

So how much will it cost to build your dream home?

Reported Price Per Square Foot

Surprisingly, it can seem there is no exact cost figure that can be given in response to this question.  And at this point a lot of confusion can enter the budget equation.

A Google search about the cost of building a home in Hillsborough or Pinellas County, Florida, gives results suggesting custom homes cost between $100 and $400 per square foot. That’s a staggering difference. On a 4000 square-foot home, that means your project could cost anywhere from $400,000 to $1.6 million. How can you properly budget on that?

Custom KithenAward-Winning Custom Kitchen

We receive calls from prospective clients wanting to build a custom home for $100 to $150 per square foot.  The high-end custom homes we build start at $200 per square foot on the lower-end and go up from there.  This can result in more confusion as it’s not what was seen on Google. So why the discrepancy? What affects the square-foot cost? Read on to find out.

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Design-Build vs Design-Bid-Build for Your Home Construction

design build, design bid build

design build, design bid buildBuilding a home is one of the most important things you’ll do in your life. It should also be one of the most fulfilling. Of course, you must choose the right builder. That means checking past work, trustworthiness, honesty, ethics, costs, and more. It also means understanding how that builder goes about designing and building. There’s more to it than just drawing up some plans and starting construction. Not every contractor is the same.

There are two methods: design-build and design-bid-build. Don’t be deceived by the similarity of names. They are very different.

Design-Bid-Build

The design-bid-build methodology has been around a long time because it is the easiest way Continue reading