Canadian Contractor

Steve Payne   

What are your thoughts on: “No good contractor needs more than 10 per cent to start a job”

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Mike Holmes' has put another one of his memorable re-quotable quotes out to the public. This time that no one should pay more than a 10 per cent down payment on a renovation.

Last month, the general public got another reason to think of the word “contractor” with fear and loathing, when Adam Gardin of GarCon Building Group, Toronto, walked away on as many as 20 of his renovation customers. He had received cheques from some of them that ranged as high as $50,000. He left holes in the ground, water pouring into people’s untarped basements. And the media went after him.

Clearly referring to the Gardins of the world, without naming him, Mike Holmes came up with a memorable rule-of-thumb, in his column in the National Post last week, to avoid the Gardins of the world.

It’s Mike Holmes’ “Ten per cent downpayment solution.”

“No good contractor needs more than 10 per cent to start a job,” Holmes said.  He then notes that the exception would be if dangerous material was discovered during demolition.

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Let us know what you think about that kind of one-size-fits-all information being sold to the public.

 

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