Many people dream of designing and building their own home. It is effectively part of the Australian dream and a very rewarding experience. Of course, most people appreciate that building a home takes time and skills that they may not possess. You’ll need to complete an owner/builder’s course first.
That’s why the logical solution is to get a builder to create your home for you. But, before you agree, you need to check out their financial stability.
Why it Matters
If a builder is financially stable they have the funds and the credit rating needed to source your materials, have them delivered, and put them together to create your home.
But, if they aren’t financially secure, they may not be able to get the items they need to finish the build. In a worst-case scenario, you’ll end up with a half-built house and have already paid for the build.
It’s why you’re recommended to pay for any build in stages, ensuring that the work has been done to your satisfaction before payment is released and the next phase started.
After all, if you’ve been saving for years to get a deposit together and need to borrow the funds to pay for the build, you don’t want to lose it all. That’s what can happen when a financially unstable company starts your house build.
Verifying Financial Stability
If you’re ready to commit to a house build then spend a few moments checking the following first:
Being established for a long time doesn’t mean the company is in a good financial position. But, it does increase the likelihood of the business having good credit lines. That will help them get the funds they need to complete existing projects.
As part of this, check their reputation. Businesses, like these dual occupancy builders, with good reputations, are more likely to be able to deliver on their promises.
The first sign that a home builder is having an issue is when you hear a rumour or see a report on the news. At this stage, it is important not to panic. While the rumours may be true, they may also be based on poor facts. You need to speak to the company, check your contract to confirm their official name, and check with the Australian bankruptcy register to see if they have appeared on this.
When undertaking a new build you should be issued insurance by the builder. This will cover you if there are any issues, such as defective work or the business becoming insolvent. Although this won’t stop the builder from going under, it will give you peace of mind as the insurance company will help you either recuperate the money or finish the build.
Sometimes rumours turn out to be nothing. But, in other cases, they are true and you need to take action to protect your build. If you hear rumours about financial instability make sure you know what you need to do according to your build papers and monitor the news closely to see if any further news is released. It will help you to take prompt action if necessary.
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