Pricing options:

• Fixed Cost Project: In a fixed cost project, the client and Belfield agree on a predetermined, fixed price for the entire project before work begins (inclusive of material). This price is typically based on a detailed scope of work and project specifications.

• Time and Materials Project: In a time and materials project, the client pays Belfield based on the actual hours of labour and the cost of materials used during the project (upfront for a period of time and renewed during the project). The final cost is not known upfront and can vary depending on project changes and clients’ changes in requirements. The cost of materials is the cost we pay and receipts will be shown to the client on an ongoing basis.

Considerations when choosing a pricing option

1. Budget Predictability:

   • Fixed Cost Project: Offers high budget predictability for the client since the price is fixed from the outset. The client knows exactly how much the project will cost, barring any major scope changes, but generally, it will be more expensive per hour for labour.

   • Time and Materials Project: The budget can be less predictable, as the final cost depends on the actual hours worked and materials used, which can fluctuate as the project progresses.

2. Scope Changes:

   • Fixed Cost Project: Any changes or additions to the project scope typically result in change orders and additional costs. These changes may require discussion and negotiation between Belfield and our client

   • Time and Materials Project: Can accommodate scope changes more easily, as the client pays for actual labour and materials used. However, it's essential to establish clear change requests to manage costs effectively for the client. This can be done via email/phone calls and an update will be made to the project via our online communication tool Trello.

3. Risk Allocation:

   • Fixed Cost Project: This places more risk on Belfield to complete the project within the fixed budget. Belfield may include a contingency in the initial cost to account for potential overruns.

   • Time and Materials Project: Shares the risk between the client and Belfield. The client has total control of change requests and additional work due to the flexibility of the work agreement.

4. Project Control:

   • Fixed Cost Project: The client has more cost control and can hold Belfield accountable for staying within the agreed budget.

   • Time and Materials Project: Offers greater flexibility to make adjustments during the project, but clients must closely monitor costs to ensure they remain within their budget.

5. Suitability:

   • Fixed Cost Project: Suited for well-defined projects with a clear scope and limited anticipated changes. It's often used for smaller, straightforward projects.

   • Time and Materials Project: More appropriate for complex or evolving projects where the scope is subject to change, where a precise scope is challenging to define upfront. Works well for clients who choose to increase the project scope due to our high quality of delivery.

In summary, the choice between a fixed-cost project and a time and materials project depends on factors like project complexity, budget certainty, and the level of control and flexibility desired by the client. Each approach has its advantages and drawbacks, and the decision should be based on the specific needs and circumstances of the project.

With most of our customers, we generally recommend using a time and material project as it offers the flexibility to work on other projects within your home at a cheaper rate and without (generally) having to spend time and effort creating a project plan specifically for that change in the work e.g. more painting, working on a bathroom, re-plastering or other needs that arise from the original project.

Here's an example of fixed cost project:

Project: Kitchen Renovation

Scope of Work:

1. Demolition of existing kitchen fixtures and cabinets.

2. Installation of new custom cabinets and countertops.

3. Replacement of flooring with hardwood.

4. Installation of new lighting fixtures.

5. Painting of walls and ceiling.

6. Plumbing work to install a new sink and dishwasher.

7. Electrical work to update outlets and switches.

8. Removal and disposal of debris.

Fixed Cost Quote: €20,000 (example cost, not detailed)

In this example, Belfield has provided a fixed cost quote of €20,000 for the entire kitchen renovation project. This means that, regardless of any unexpected issues or changes in the project's timeline, the customer will only pay €20,000 for the work outlined in the scope of work.

Fixed cost quotes can provide peace of mind to clients because they know the exact amount they will need to budget for the renovation. However, it's crucial for both the Belfield and client to ensure that the scope of work is well-defined and that any changes or additions to the project are handled through a change order process, as they may incur additional costs. Belfield does not itemise materials in fixed quote project invoices / project costs.

An example of a Time and Materials project is similar to a fixed cost from the beginning as we have a specific set of goals, but we bill differently.

Project: Kitchen Renovation

Scope of Work:

• Demolition of existing kitchen cabinets and countertops.

• Installation of new kitchen cabinets, countertops, and backsplash.

• Plumbing and electrical work for new sink and appliances.

• Painting and finishing work.

Estimated Timeline:

• Start Date: October 1, 2023

• Approximate End Date: November 15, 2023 (but can change depending on new requirements from the client).

Cost Breakdown:

1. Labour: This depends on how many people are needed initially and can scale depending on the level of work e.g. First 4 weeks would be 2 people, then 2 weeks with 1 person and the final 4 weeks could be 4 people depending on the requirements of the project.

2. We invoice for an initial 10 days of the necessary Belfield labourers/engineers to commence the work

3. On the 7th work day (If we started on a Monday, this would be the following Tuesday of a normal week (no bank holidays etc.)) of the project we would request the customer to commit to another 10 days of work (could be more or less dependant on the outstanding requirements) to continue working on the initial project outcomes or new outcomes dependant on the customer and another invoice would be sent for payment. This process would continue until the client is satisfied that Belfield's services are no longer needed.

4. When the client decides that Belfield services are no longer needed (agreement via email), on that 7th work day that we connect with the client we would then give a final notice of 5 days (after the 10 days that have been completed from the original renewable) to clean up at the clients home, remove any unnecessary material and to complete whatever is outstanding within that time.

5. Materials: Whatever the cost is to Belfield, is the cost to the customer and we will provide receipts

6. Subcontractors: If any specialized subcontractors are needed (e.g., electrician, plumber), their costs will be billed separately based on their rates.

If you have any questions or queries please reach out to us to explain more!