Know your building contract
Building or renovating is a great investment. It can also be risky. More often than not, the problem starts with the contract.
An unfair contract will likely lead to:
- Additional costs claimed by the builder
- Building works not finishing on time
- Defective or incomplete works
Residential building agreements are full of traps for the unfamiliar. And the standard HIA and Master Builders contracts are great but offer no real protection, because much depends on how the builder completes the schedules and attachments.
Don’t let your house building costs rise
The building process takes time. A lot can happen between now and when the works are supposed to be completed. If problems arise, you don’t want to be the one who is left out-of-pocket.
Legal costs for building disputes can quickly run into tens of thousands of dollars. Add to that the cost of repairing or completing the works if the builder escapes liability, and suddenly your carefully-budgeted project has turned into a white elephant.
Always get your building contract reviewed
Building law is complicated and costly. Pre-contractual advice from a building contract lawyer is your only protection.
Whether you’re an investor purchasing a house and land package, renovating, or building your dream home, always get your building contract legally reviewed and approved – before you sign.