Punch List Completion Cost Calculator

Punch list items remaining at substantial completion require careful closeout.

Punch items count

Average item cost

Owner markup %

Retention held

Net completion cost

Gross cost

$64,800

Retention coverage %

1.00%

How the math works

Gross = items × avg cost × (1 + markup). Net = gross − retention held.

120 × $450 × 1.2 = $64.8k gross − $350k retention = $0 net (fully covered).

How to Use

Enter punch items count.
Enter average item cost.
Enter owner markup for self-completion %.
Enter retention holdback.
Read net completion cost.

Frequently Asked Questions

What's a punch list?

Written list of remaining construction items at substantial completion. Created by architect walkthrough. Typical items: touch-up paint, door adjustments, trim gaps, landscaping details, minor defects. Contractor obligated to complete per contract.

Completion timing?

Typical: 30-60 days after substantial completion. Contract specifies. Failure to complete triggers retention holdback claim. Owner may self-complete and back-charge if contractor unresponsive.

Retention mechanics?

Standard: 10% retention held throughout project. Released: 50% at substantial completion, 50% at punch list sign-off. Retention covers punch list, defects, and warranty claims. Critical to track carefully.

Who owns this risk — sponsor or lender?

Construction risks are typically shared: hard-cost overrun owned by sponsor (via completion guaranty), soft-cost and delay risks shared per contract, force-majeure excused but bears owner carry cost. Document risk ownership in the loan agreement and GC contract before closing. Disputes get expensive when roles are unclear. Institutional deals spell out every allocation in writing.