Cost Plus contract for home addition and remodel in Pasadena CA

[Talha K.]

hi BP community,

We are in escrow for our first family home in Pasadena CA. We wanted to do additions (Approx 500 sq ft) for a bedroom and bathroom in addition to doing renovations of the existing structure. The lot is flat. I wanted to find out if cost- plus contract with a contractor is the right thing to do? What would be the pros and cons compared to using a set price contractor? Any help will be much appreciated. Thanks