Has anyone else noticed that at the moment some NSW builders are front end loading their contracts so that they are obtaining 50% to 60% of the contract value at Frame Stage whilst the value of the work is less than that?
No wonder many builders dont want to come back in the final stages to complete works if they have ripped their profit out up front.
Standard progress payments in other states
5% Deposit
10% Slab
15% Frame
35% Lock Up
25% Fixing
10% Practical Completion
Check out what is in your NSW contract....and Negotiate
The Builder should be getting his profit at Completion ...not up front.
Also be careful of the liquidated damages amount -again $20 a day is often quoted...
do the sums and work out how out of pocket you will be on a daily basis ie extra rent, storage etc if the builder runs over....