Hi,
We are building with kurmond and curious to know what other builders do for payment schedule.
Any insight would be appreciated
Browse Forums Building A New House 1 Aug 31, 2013 12:00 am Hi, We are building with kurmond and curious to know what other builders do for payment schedule. Any insight would be appreciated Re: Payment schedules 2Aug 31, 2013 12:01 am Many thing I am interested is how much do you pay before all the designs are finalised? Exterior & interior? Thanks Re: Payment schedules 3Aug 31, 2013 9:23 am This is the payment schedule in my contract:
My build could be as fast as 16 weeks so arranging all the stage payments in that timeframe will be a made rush. I'm thinking of having independent stage inspections at stages 2,4 and 5. Build thread: here Land Nov 12, Contract 6/07/13, Consent 15/08/13, Start 20/09/13, Slab 25/09/13, Frame 4/10/13, Brick 21/10/13, Roof 2/11/13, Lock-up 17/12/13, Handover 3/3/14 Re: Payment schedules 4Aug 31, 2013 1:12 pm 5% Deposit 20% footings and slab 20% frame 25% enclosed 20% internal fixings 10% practical completion ----------------------------------------------- http://pab34newdigs.blogspot.com.au/ ----------------------------------------------- Re: Payment schedules 5Aug 31, 2013 4:29 pm 5% deposit. Then monthly progress payments as per As Built Costs incurred. We are on a different contract to the norm though, we're on a Cost Plus Contract. 5 month build, 5 payments, each has been around 20%. (obviuosly some under due to 5% deposit) Re: Payment schedules 6Aug 31, 2013 4:54 pm With your 5% deposit have you gone through all possible changes for exterior and interior, including electricals? Therefore after you sign the contract there are no more variation costs? Re: Payment schedules 7Aug 31, 2013 5:26 pm UpsizeTime With your 5% deposit have you gone through all possible changes for exterior and interior, including electricals? Therefore after you sign the contract there are no more variation costs? I put a lot of work in with the builder to get itemised pricing for all the upgrades I wanted, extra powerpoints, extra downlights, downlights upgraded to led, bathroom / kitchen upgrades, floor coverings, etc, etc. This is around 15% of the overall contract price. This was all prior to paying the 5% deposit and signing the contract. I also made sure the floor tile allowance was sufficient for the wood look tiles I am having them put in. Their showroom (a wharehouse unit) had a sample kitchen and sample bathrooms, door hardware, taps, handles. This all being selections from their standard range. I was therefore comfortable that I wouldn't have extra costs for selections. I might have a few extra minor changes as variations. e.g junction boxes for future garden lights, etc, etc. hope to keep this to less than $1000. Build thread: here Land Nov 12, Contract 6/07/13, Consent 15/08/13, Start 20/09/13, Slab 25/09/13, Frame 4/10/13, Brick 21/10/13, Roof 2/11/13, Lock-up 17/12/13, Handover 3/3/14 regardless, your contract stipulates a payments schedule and SOPA doesn't give provision to that scenario. Your contractual terms appear to stand. Hence get a lawyer, it… 4 11868 There is no reason why building contract reconciliation cannot be done prior to handover, if the builder won't do it get someone to do it for you. Why would you pay for… 3 6682 1) I had requested R6 ceiling insualtion batts, however I noticed that on some areas there are huge gaps which will allow hot air to sweep in, and also noticed black/grey… 0 3597 |