Chose a fixed price bid over time and materials for a bathroom reno

Had a guy wanting $6,500 flat for a bathroom gut and retile in Phoenix. Everyone told me I was nuts to take a fixed price on an old house. I went with it anyway. Found knob and tube wiring behind the wall and had to eat the cost of rewiring that section. Job took 10 days instead of the 5 I budgeted. I ended up making around $800 profit instead of my normal $2,000. Would I do it again? Probably not, but I learned to add a contingency clause. Has anyone else here taken a fixed price job that went sideways?

2 comments

2 Comments

kevin_carr12d ago

My buddy took a fixed price to paint a whole house and found out the homeowners had three cats that had been peeing everywhere for years. Took him twice as long to seal the walls and he barely broke even.

taraw1611d ago

OH MAN that's brutal. Cat pee is a NIGHTMARE to paint over.