Three things every prospective client deserves to know before signing a contract with any builder: what the words mean, where the risk lives, and what your project actually costs. In that order.
What "fixed-price," "allowances," and "open book" actually mean.
Four words appear in nearly every builder contract in our market. Each means something different at almost every firm. Here is what they typically mean across the industry — and what they mean at Icon.
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How we make money — and what that should mean to you.
Most builders earn the bulk of their profit through flat markup applied across the entire job — every dollar of material, every fixture, every trade invoice carries the same percentage cushion. The bigger your project gets, the better the builder does — whether or not their expertise actually moved the needle.
We don't operate that way. Our pricing model is built around a single idea: alignment. We want to earn our living from the work that is genuinely hard for you, your designer, or any general contractor to do without us — not from a percentage on a sink.
Where the budget volatility actually lives.
Most cost guides talk about per-square-foot averages. We're going to talk about the four things that determine whether your final number lands inside the range, above it, or far above it — whether you build with us or somebody else.
Read this section even if you never call us.
If you walk away from this page knowing only what these four risk vectors are and how to evaluate them in any builder's proposal, the page will have done its job. You should not sign a construction contract without understanding all four.
Lot conditions & site work.
The dirt under your house drives more cost variance than most homeowners realize. Soils that need over-excavation, water tables that demand drain tile or sump systems, slopes requiring retaining walls, mature trees needing protection or removal, septic capacity, utility distance, easements, setbacks — any one can swing the budget by $50k to $500k.
Tear-down lots have their own list: existing foundation removal, mature landscape preservation, neighboring drainage impact, asbestos abatement, lead paint, ComEd transformer relocation.
Finish level & material grade.
The same kitchen footprint can cost $90k or $390k depending on cabinet construction (frameless European vs. semi-custom domestic), counter material (mid-grade quartz vs. honed marble), appliance package (Bosch vs. Sub-Zero/Wolf/Miele), plumbing fixtures (Kohler vs. Waterworks), and hardware.
Multiply across primary baths, secondary baths, millwork, flooring, lighting, hardware throughout, and you have a 3x swing on identical drawings. This is where most "I thought it would be less" surprises actually happen.
Feature mix & complexity.
Sloped ceilings. Steel windows. Floor-to-ceiling tile. Heated driveways. Wine rooms. Whole-home automation. Saltwater pools with auto-covers. Geothermal. Custom millwork in three rooms vs. one. Sauna. Cold plunge. Outdoor kitchen with full plumbing.
None are inherently expensive. The expense comes from how many stack together on the same project. Each adds 3–15% to total project cost at the standard a luxury home demands. Five stacked is a new tier.
Permits, code & jurisdiction.
Every municipality in our service area has its own review timeline, plan review depth, impact fees, water-tap connection charges, stormwater management requirements, and inspector culture. Lake Forest and Lake Bluff are weeks of review. Some are months. Some teardowns require historic review.
Energy code, sprinkler requirements above certain square footage, septic upgrades, ComEd transformer charges, school-impact fees — all real, all variable, all almost never visible in an initial cost-per-square-foot range.
What our projects actually cost.
Realistic per-square-foot bands and total project ranges for Icon new construction in 2026, calibrated against our active pipeline and prevailing rates across the eight-county Greater Chicago luxury market. Use these as directional starting points, not quotes — the four risk vectors in Section Two are what move you within a band or to the next one.
These bands include design, full construction, standard site work, and FF&E where applicable. They do not include the land itself, exceptional site work (per Section Two), or features that move the project to a higher tier. For remodeling pricing, see our remodeling page.
How to read another builder's bid.
If you're comparing Icon to another firm, here is the lens we'd use ourselves. The cheapest bid usually isn't. The most expensive isn't always worth it either. What separates a real number from a hopeful number is in the structure of the document, not the bottom line.
Red flags
- Single-line allowances ("$40,000 for plumbing fixtures") with no brand, no SKU, no quantity
- "Site work allowance" with no soils report or jurisdictional fee schedule attached
- Round numbers for major trade categories — framing at exactly $400,000 is an estimate, not a quote
- A cost-plus contract presented as fixed-price because there's a "not-to-exceed" cap with exclusions
- No PM or leadership team named — ambiguity about who you call when something goes wrong
- An aggressive timeline without trade lock-in — the schedule depends on subs who haven't been booked
- Markup percentage vague or only quoted on labor (the line that doesn't move) and not materials
- No permit/fee line — permit costs in our market range $8k to $80k+ and are never zero
What real numbers look like
- Itemized trade categories with specific quantities and unit rates
- A specification schedule by room: cabinet maker, counter brand, faucet brand, light fixture quantity and finish
- Trade Sub Agreements already signed (or named) at contract
- A named PM and leadership team, with their cell numbers in the contract package
- A signed soils report and a permit fee schedule pre-conferenced with the municipality
- BuilderTrend access referenced in the contract — you should log in on day one
- A plan-adjustment process spelled out: written change, written price, signed before work starts
- A warranty / service plan beyond the legal minimum — 30 days, 6 months, 11 months, beyond
If a builder's proposal can't survive these eight flags and check most of these eight tells, you don't have a fixed-price bid — you have an opening number. Take it back to them and ask the questions. Their answers will tell you more than the price ever could.
If you'd like an outside read on any builder's proposal — including ours — take the Builder Evaluation Checklist. It's the same instrument we use internally to vet our own work.
This guide is yours. Use it on us.
If after reading this you believe Icon is the firm you want to talk to, begin your project. If you believe a different firm is the right fit, take this page with you and put it next to their proposal. We wrote it for both outcomes.