5 Things to Remember When Paying Your Builder
You've done your research on the right builder for you, and seen through your project, and now it's time to settle up with your builder. When building a home, it is important for all parties to remain savvy in terms of budget, payment to builders and managing expectations. Contractors have the legal right to be paid and are protected by Security of Payment. They must be paid fairly, in accordance with any agreements in place, and in a timely manner. It is in the interests of everyone to ensure that the work carried out is completed to a high standard, with all contractors paid on time.Here are some things to remember when the time comes to pay up your builder:Be Reasonable
First of all, find a builder who is willing to complete your project within the parameters of your budget and ensure that you are financially ready to build a home. The law protects contractors and small builders from non-payment and late payment so you could find yourself caught up in a dispute if you are unable to pay for the services carried out.
If you feel you are financially ready to build a home, be reasonable and manage your expectations throughout all parts of the construction phase. Be vigilant with payment claim that is made to ensure that the transaction is fair for both parties. Always go back to the agreed contract if you have any questions.
Joel Robinson
Joel Robinson is the Editor in Chief at iBuildNew, where he leads the editorial team and oversees the country's most comprehensive news coverage dedicated to the new home building industry. With more than a decade of experience in residential real estate journalism, Joel brings deep insight into Australia's evolving home building and construction landscape.
