So, you have selected a site and conducted feasibility studies. You’ve worked with your team of architects and engineers and obtained council approvals and finance for your project. You’re finally about to realise your dream development project! But you still have a daunting prospect – the next step of selecting the right builder.
With so many options out there, how do you know which one is right for you? Ask recommendations from family, friends, colleagues or even your architect. Make sure the builder is a registered building practitioner to assure you they are qualified and to insure your project throughout the construction phase.
Request a copy of all insurance certificates such as their public liability insurance and completion guarantee insurance, among others, before allowing the builder to start the job. It is important for the builder to establish that they can deal with your project. Check the previous projects they have completed and speak with their clients to make sure they are good to work with. You can even conduct a credit check to see their financial capacity.
You don’t want a builder who’s on the brink of bankruptcy dropping your project at the last minute because of their financial issues. It does happen and can delay developments and cause huge budget blowouts!
Once you have chosen a builder, it’s time to provide them with all your working drawings and project specs so they can give you an estimate cost to build your project. You can ask the builder for advice on where you could save money on your development or how you could make the construction process easier. The builder might provide you with a simple fee outline, but you can request a detailed proposal to know exactly what you will be
getting.
Construction
When it’s time to sign the building contract, make sure it describes the overall terms agreed by you and the builder, including price and payment arrangements. The contract must also specify what will happen in case of a dispute between the builder and developer, an agreed timeline, and the work to be done in compliance with specs, drawings, calculations, and relevant building regulations.
Understand the proposed schedule to avoid misunderstandings and ensure that the builder keeps the construction on track as agreed. The length of the building project must have an allowance for weekends, inclement weather, rostered days off and public holidays.
The contract must also have allowances for prime cost items such as tiles, finishes, and appliances. These may also include fencing, excavations, footings, and landscaping.
Of course, you would need a specialised accountant’s advice all throughout your property development process! We work with tons of property developers in a similar capacity and we would love to add you to our roster.
Give us a bell and we’ll let you in our wealth of knowledge and experience in this area!
Speak soon,
Your Outside Team
Need a bit of assistance with your business? Contact an Outside Accounting team member today and learn more about our fixed fees. You won’t regret it.
Aside from business consultation, we are business accountants Wellington who offer accounting, bookkeeping, payroll services designed to help you achieve greater financial success.
You can click here to speak to a business, accounting and bookkeeping firm. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
Address: Level 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand
Mail: PO Box 24-457, Wellington 6142
Phone: 04 889 2975
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