Learn more About Construction Contracts with Irvine Construction
Renovating Historic Homes in Montgomery County, Maryland
Irvine Construction is a highly qualified, experienced, and professional remodeling company that specializes in historic renovations in the state of Maryland. Our clients hear about us through word of mouth and from a variety of local companies that work together with us on projects. Our reputation for quality and consistency is unmatched. Whether your project requires attention to the smallest of details, the largest of structures, or both – Irvine Construction has the insight and the know-how that results in a final project that brings your dreams to life.
There are multiple facets of a construction project, and while we offer a variety of resources to help with the design and brainstorming side (check out our blog post here for some ideas: Renovation Reading ), we’d like to touch a bit upon the financial side of things. Read on to learn about some commonly asked questions regarding the financial side of a home renovation:
I am interesting in hiring your firm for a remodeling project. Can you tell me more about the bidding and contracts process? What options do we have?
Irvine Construction performs a variety of renovation and remodeling services throughout Maryland. We offer four methods of contract construction, which are:
Design and Build: Our preferred method whereby the construction project design, scope of work and specifications are tailored to meet specific budget requirements. We will provide architectural and/or engineering services as needed to work with Irvine Construction and the client using a team concept. Learn more about the Design and Build process on our Case Studies Page.
Cost/Plus: A method that has no fixed contract price with the possible exception of a not to exceed ceiling price. This procedure is best used in a situation where there are numerous unknown conditions that can affect the work throughout the construction process.
Competitive Build: The most popular and well known method of contract construction work. We will provide limited bid proposals in a prequalified situation. In most cases, to provide a competitive bid proposal, professional quality plans and specifications will be required.
Negotiated Contracts: Usually a hybrid or combination of methods whereby the final construction documents and scope of work is modified because of budget restrictions. These contracts may combine others and include some Cost / plus work for unknown conditions and fixed pricing for a clearly defined scope of work.
How do I Determine my Design Budget?
Here at Irvine Construction, we do not use square foot formulas for our work as our projects are unique and entirely custom, therefore any presupposed pricing per square foot does not apply and would not provide an accurate or realistic cost. Below is the procedure for determining a budget for a remodeling or renovation project:
1) We will meet with you and listen and discuss your needs, wants and “wish list” items.
2) After our initial meeting, we will then determine the existing conditions of the home and property to determine the overall feasibility and what challenges or issues would affect the work.
3) The next step is to consult our historical cost records of completed projects that are similar with regard to size and scope of work
4) After compiling all of the above information, we are then able to determine a range of likely costs for a feasible budget.
The range of costs provided is not an estimate to perform contract work, but rather the probable costs that become our guide during the design phase to prevent the project from exceeding both your budget and expectations. Most importantly, the design budget allows us to proceed to the design phase with the confidence that budgets are adequate for the scope of work.
My house is historic – how can I find out if I’m eligible for tax credits?
Not too long ago, we wrote a blog post that answers this very important question!
Learn more about interior tax renovation credits here:
Tax Credits for Interior Renovations on your Historical Home
Learn about State and County tax credits and incentives here:
Tax Credits for Restoring Historic Homes in Maryland
How do I make sure that I receive a return on my investment?
While we can’t promise or guarantee the direction of the real estate market or the future value of any investment, we can help point you in the right direction. There are a few home renovation projects that nearly always offer an excellent return on investment. High ROI renovations and remodels include kitchen remodels, finished basements, and exterior maintenance projects such as siding, windows, and roofs. We discuss these projects in further depth here:
3 Home Improvement & Remodeling Ideas That Increase your Historic Home’s Value
Irvine Construction is Maryland’s Premiere Historic Home Remolding and Construction Company. Contact us today to learn more about our process, our past projects, or to inquire about a potential renovation project.