Hi All,
I'm doing a subdivision of my lot and am using a small builder who is do the custom design to fit the lot. I'm now stuck between a rock and a hard place with my builder at the moment. To keep it short, the builder seems to have had problems with other jobs where my payments to him barely went to our construction. He has also not been paying his tradies and now want me to pay them directly where he then provides me with credit notes of each payment (and he is not taking any builder's margin). I have started doing this just so that the construction can progress as things have been moving very slowly. Unfortunately I am now seeing large quotes for certain parts and am very much doubting that the remaining payments for a couple more stages will be able to cover the costs to complete construction.
What I should do here? Do I have to wait for the builder to go bust so I can claim insurance? I think it will take probably $30K more than the agreed price to complete the job.
Thanks,
Buildnewbie
Note that I have also found out that a few of his tradies have not been paid and some are taking him to VCAT or suing him.