Choosing the right time to pay your roofer is critical to ensuring the job is completed to your satisfaction while also protecting your financial interests. In this article, Quality Assurance Roofing discusses key moments in your roofing project when payments should be considered or executed.
Before the Work Begins: Initial Deposits
Initial deposits are a standard practice in the roofing industry. A deposit secures your spot on the roofing company’s schedule and allows them to purchase the necessary materials for your project. However, this deposit should not cover the entire cost of the job. Typically, a reputable roofing contractor will ask for a deposit ranging from 10% to 25% of the total project cost. It’s important to inquire about and understand what the deposit covers and to ensure this is documented in your contract.
Midway Through the Project: Progress Payments
For larger roofing projects, especially those that may take several days to complete, progress payments can be part of the payment structure. These are staggered payments that are made as certain milestones within the project are completed. For instance, once the old roof is removed and the new roof is partially installed, a portion of the total cost may be due. These payments should be clearly defined before the project begins and tied to specific milestones rather than calendar dates to ensure they’re based on tangible progress. Since weather can impact the speed and timing of roofing work, tying payments to project milestones rather than dates can offer flexibility and assurance for both homeowners and contractors.
Upon Completion: Final Payment
The final payment should only be made once the roofing project is completed to your satisfaction. This includes not just the visual or aesthetic aspects of the job but also the cleanup of your property and the proper installation. It’s advisable to conduct a final walkthrough with your roofing contractor to ensure all aspects of the project are finished and address any issues before making this last payment. Your contractor should ensure that the project meets your standards and that all contractual obligations are fulfilled.
After Project Completion: Retainage
In some cases, especially for very large or complex projects, a concept called retainage might be employed. This is a small percentage of the total contract price that is held back for a certain period after the project’s completion. This ensures the contractor addresses any post-completion issues that may arise, offering additional protection for the homeowner. While more common in commercial projects, retainage can also be applied to residential roofing projects if both parties agree to it upfront.
Using Escrow Services
For added security and peace of mind, homeowners may consider using an escrow service for their roofing projects. Escrow services hold the payment from the homeowner until all terms of the contract are met, including satisfactory completion of the project. This can offer a neutral third-party oversight of the payment process, ensuring that both homeowners and contractors fulfill their agreed-upon obligations before funds are released.
Trust Our Roofers for All Your Roofing Needs
By being informed about the common payment structures and practices within the roofing industry, you can protect your investment while ensuring a smooth and satisfactory completion of your roofing project. If you’re looking for a trustworthy roofing contractor for roof repairs or installations, turn to Quality Assurance Roofing! We ensure that payment terms are discussed in detail and documented in your contract for a seamless roofing process. For a consultation, call us at (479) 279-8500 (Rogers, AR) or (417) 799-7889 (Branson West, MO). You can also fill out our contact form to schedule an appointment in Springdale and the surrounding AR areas.
