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Fixed price home building contracts.

Metricon terminates dozens of fixed-price contracts, stops paying some agent commission fees

Fixed Price Building Contracs Not So Fixed

The recent news regarding Dyldam Apartments and Metricon has highlighted the ongoing issues that Australians face when it comes to fixed building contracts. The Fayad Construction/Dyldam Apartment saga resulted in dozens of Sydney residents being left without their dream homes, while Metricon gave a number of its customers just days’ notice before terminating their fixed price contracts.

These cases demonstrate that when it comes to the building process in Australia, fixed-price contracts don’t always protect homeowners from high costs and unexpected expenses. With the cost of construction rising every year — particularly for house builds — Australians need to be aware of what they’re signing up for when entering into a fixed price contract.

The best way to protect yourself is to research the building process thoroughly before signing a contract and ensure that you are fully aware of all potential costs and hidden fees. You should also make sure that your builder has a good reputation and will be able to deliver the project on time and within budget.

It is also important to know that fixed price contracts do not always protect you from changes in building standards or other unforeseen costs. If you are concerned about the cost of your build, you may want to consider a framework agreement, which allows flexibility when it comes to changes and unexpected expenses.

Finally, make sure that your contract is clear and detailed so that both parties understand their obligations and can hold each other accountable for meeting them. If something goes wrong, a good contract will be invaluable in resolving disputes and protecting your rights as a customer.

Building a home is an investment of both time and money, so it pays to ensure that you understand the process before signing any contracts. Taking the time to do your research now can save you stress and money down the track.

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