at 11:14:19 AM
THere is no law requiring a deposit for renovations on your home. However most contractors will ask for one for two main reasons.
One is if the work is not starting right away when you sign the contract the deposit is a sign of commitment on your part. If you don't commit to the work being done and then back out at the last minute (which does happen) the contractor will be left with empty space in his schedule which will cost him money.
The second reason is that there are often costs incurred prior to the work starting for drawing plans. permits, special order items (e.g. windows, cabinets etc) and the contractor will need money to pay for these.
However you should not give too large a deposit (I usually ask for ten percent of the contract amount). The deposit is to "seal" the deal and not more than that.
And then there should be a schedule of payments to be made as the job progresses.
If you are going to buy all the materials for the job then the contractor is only providing labour (Who is going to pay the subtrades?) then there is no real need for a deposit of ten percent and I would only ask for enough of a deposit to show the commitment I mentioned. Depending on the size of the contract anywhere from a few hundred to a thousand dollars.
The bottom line is that you have to trust your contractor and if you don't feel a good level of trust in him then I recommend reconsidering your choice of contractor.