Simplify your build with a complete package of home and land with a developer.
Building or renovating your home is exciting, but the range of options can be daunting. Talk to us about your finances and which option/s will work for you.
Get some advice to be sure everything’s in order before you commit to your build. Your lawyer can identify your obligations and risks, and point out situations where you might end up paying more than you expect. We can check that your financing is in place, and will work with the terms of the contract.
You normally pay an initial deposit, with the remainder due when you take legal possession of the finished house.
The turn-key contract sets out the full cost of the land and the build, and usually includes a timeframe for completion.
The contract specifies any work which is excluded or may be subject to cost variations, so it’s important you allow for these in your budget.
Fixed price contracts for building or renovating usually set out a schedule of progress payments, which you pay when your project reaches certain milestones. Common milestones are when you give the go ahead for the project, when earth works are complete, when framing is up, when the roof is on and of course when the project is complete.
A fixed price contract gives you more certainty with costs than a labour-only contract and reduces the risk of cost over-runs.
It's a very simple approach, but it could leave you with cost over-runs if anything unexpected happens. It could also mean you pay more if your house takes longer than expected to build or if costs increase during construction.
Make sure you engage a reputable builder. If possible, talk to the owners of previous projects and ask how they found the process. Check the building company with the Companies Office to see if it has been placed into receivership. Finally, ensure your builder has all the appropriate insurance in place, like public liability.
Your building contract lists out obligations for you as well as the builder. Get some advice to be sure everything’s in order before you commit to your build. Your lawyer can identify your obligations and risks, and point out situations where you might end up paying more than you expect. We can check that your financing is in place, and will work with the terms of the contract.
Your contract should include:
Be sure your finances are all lined up before you commit to building your home. You also need to make sure the timing of payments will work with your loan agreement. We can help with all of those details.
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