Who pays the builder?
Unless otherwise stated, payments are drawn down at the completion of each building stage from your lender, in accordance with your building contract. It is the owner’s responsibility to ensure the lender makes the stage payments.
Who checks the quality and progress of the building?
The builder’s project manager checks the quality. If AssetZ is the client’s representative, we check the building at various stages and report back to the owner, photos are obtained at each stage of building where possible and forwarded to the owner.
If quality or progress falls behind, who manages that?
The builder. Building can be delayed by forces outside the builder’s control, such as bad weather. If AssetZ is the client’s representative, we will monitor the building timeframes and report back to the owner.
If anything goes wrong, who is responsible?
Finance – if finance is arranged through Assetz, then it is the recommended mortgage broker’s responsibility to take care of a problem.
Building – if any problems arise with the building, it is the builder’s responsibility to amend the problem. Builders are insured because of this, as building remains their responsibility until the property’s completion and handover. The owner generally has three months to report any problems after handover, which should then be rectified by the builder. Various components of the property will be under warranty, including the structure, which is required to have a minimum 5 year warranty.
What and when are services to the house done?
Unless otherwise stated, physical electrical, gas and water connections are generally included in the build contract, installed towards the end of the build. During construction, payment of electricity connection through a service provider is generally the owner’s responsibility, while the usage until building completion is the builder’s responsibility. Connecting to service providers is then arranged by the tenants when they move in.
Generally, physical telephone connections are not installed but provisions for the wiring are put in place, together with phone points in the house. Physical connection is generally arranged by the first tenant when they connect to a provider. The owner is then required to pay for the physical connection.
Can we have any choice in the house’s design, colour schemes, landscaping etc?
Packages put together by AssetZ are for investors, designed for the rental market and not for the investors to occupy.
With this is mind, the general aim is to:
- create a low maintenance property
- maximise rental income
- minimise building costs
- appeal to a broad range of potential tenants
- create good potential for capital growth
Clients may be able to choose some aspects of the project design, but should keep in mind that these are investment properties, so unless they are planning on moving into it themselves, the colour schemes and other variants are not that important.
What checks does AssetZ do on builders before referring them?
We request the following from all builders we use:
- Builders license number
- Registered supervisor check
- Copy of any relevant insurance certificates
- All Building Association member numbers
Are build prices fixed and will there be any extra build costs?
The property build price shown may be subject to soil tests and may not include any demolition, object removal, tree removal, rock removal, retaining walls, cut or land fill unless specified. Final build pricing and details are set out in the building contract. The build contract is provided upon receipt of a signed Offer to Purchase form, the purchaser is not obliged to sign or commit to the building contract.
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