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Is there a type of contract where I’ll be able to pay a builder once a house is built and it’s sold?
Anonymous user 03/03/2024 - 3.43 PM
I’m looking at buying some land to build houses on. I don’t have the funds to pay for a full house to be built and would have to get a self-build mortgage. I was just wondering if there was a type of contract out there where I would be able to pay the builder once the house is built and sold?
Are you a tradesperson and able to answer this question?
4 Answers
Anonymous user
No builder in their right mind would do this.
As this could easily go wrong for them.
Best way is go partnership with someone who can facilitate the build cost.
But land would need to be put into both your and said partners name and shares agreed before build can start .
I would suggest 1 share for plot 2 share for the build.
Answered27 August 2022
4
stelwood ltd
Rating: 5 out of 5
There are various finance houses that will grant interim stage payments to approved/bonfied new build contractors. So no need for 1 end payment.
Although this could be arranged but would attract a large on cost.
Answered27 August 2022
0
RJ WOOD INSTALATIONS
Rating: 5 out of 5
You will have to sit down with your chosen contractor and both agree in a written building contract and sign it,
Many points to cover including,liability insurance,length of time of proposed build,start to completion,stage payments at completion of agreeable point of build.
Material costs payments.
Never give full amount (material/labour) agreed quote.
And you will have many other questions to ask no doubt which you both have to agree in the written building contract.
Answered28 August 2022
0