Quick Build ?
One of the reasons that people may choose a builder is the promise of a ‘Quick Build’ . . . . . but how realistic is that promise?
Getting the house finished quickly might be attractive to you so here are a couple of things to think about before you make a choice.
Is Obtaining Permits Included?
Builders will either want to say they aren’t responsible for any planning/building permit delays of over 1 month, or even exclude the planning/building permit period entirely from the period.
Approvals should be quick for a new major development subdivision and may only take around a month.
If you are building in an established area such as an single block subdivision, or Knock Down Rebuild (KDR), it can take several months.
What Are The Liquidated Damages?
Any ‘Quick Build Offer’ means nothing unless you are compensated for any time overrun!
The way this is done in a building contract is by specifying a Liquidated Damages amount.
Unless this amount is a reasonable sum (say close to what you are paying in rent) the offer isn’t really worth anything!
For more information see Liquidated Damages.