If you're waiting for your home to be built and your builder collapses, chances are you'll be up for additional costs, experts say.
The homebuilding industry is under pressure due to high demand and labour shortages, Master Builders Australia says.
The company had more than 1,500 homes in progress across Victoria and 200 properties in Queensland, with a further 779 customers with signed contracts for new builds yet to start. "Check if there's any suspensions or cancellations connected to their building licence or evidence of any litigation or disciplinary process."
Among the claimable events on these policies is if a builder goes broke and leaves work incomplete. But some might face a situation where they need to come up with extra money to cover a shortfall. "There's a recognition that when builders go under, owners are left with considerable losses," Mr Hutchings said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Can build-to-rent help solve Australia's housing crisis?Is it possible to have affordable housing and good rental conditions in Australia? It has to be something embedded by design, housing researchers say.
Read more »
Paul Murray ‘fully supports’ build-to-rent investmentSky News host Paul Murray “fully supports” the Property Council’s idea of building apartments exclusively for renting.
Read more »
How Tania Austin built one of Australia’s most successful retailersTania Austin is the force behind women’s fashion group Decjuba, a business she bought in 2008 when there were just five stores. Now there’s 140 and counting.
Read more »
The quick tax fix that could deliver 150,000 new apartmentsReducing a federal tax imposed on foreign investors in build-to-rent housing – in line with other commercial real estate sectors – could spark a big jump in housing and help ease the rental squeeze.
Read more »
Bushmasters ‘spectacular’ on Ukrainian battlefieldBushmasters have been 'spectacular' but it's another Australian-made vehicle that will make the Russians understand the phrase 'we are not here to f*** spiders,' a Ukrainian defence adviser said.
Read more »