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Yes, most general contractors require an initial down payment. A reasonable deposit is typically between 10% and 25% of the total project cost, although this can vary by project size and location. This upfront payment helps the contractor cover initial costs like materials, permits, licensing, and hiring subcontractors. The remaining balance is usually billed according to a schedule outlined in your contract, often tied to project milestones or completion dates. Be cautious of contractors who ask for a large deposit of 50% or more, as this could be a red flag for a scam.

Kitchens and bathrooms are typically the most expensive rooms to renovate. The high cost is due to several factors, including expensive appliances like ranges, hoods, and refrigerators, as well as costly fixtures. The 'bones' of the room, such as electrical and plumbing, are also expensive to move or replace. Because of the vast amount of prep work, finishing, and specialized labor involved in a relatively small footprint, these projects can cost double or more than a living space remodel. Even when trying to renovate on a budget, kitchens and bathrooms will likely carry a hefty price tag.

Lifting a house and adding a basement is one way to add usable square footage. Lifting or jacking a house is a complex process, and it can be expensive, not to mention that you won’t be able to live in your house while it’s lifted, due to safety concerns. Lifting a house should only be done by experienced professionals.

Whether it’s more affordable to gut a house than build a new one depends on the markets where you'd be buying and selling. However, it’s usually less expensive to renovate a home than to build new construction. 

Most homeowners pay between $100,000 and $200,000 for demolition and remodeling costs, whereas the average cost to build a new home is between $139,000 and $531,300.