When embarking on a build it’s important to have access to some reserve finance, even if you have signed a fixed price contract. During construction, builders can discover unexpected things that will not be covered in your quotation and may require extra money to fix.
Excavation is a classic example – once work has begun rock may be unaccounted for, which will always add an extra cost. Other surprise costs may include removal or soil, dirt and rubble (spoil) and old services, both of which can be costly to remove if not allowed for in the original quote.
One of our recent projects, for example, saw us uncover an old farm tip that required the removal a truckload of old iron, barbed wire, fence posts and even a tractor engine.Extensions and renovations come with their own costly problems, one of which can be asbestos removal. Asbestos has often been found underground, beneath old driveways and patios and behind plasterboard walls and ceilings. It was common in old renovations to hide asbestos under driveways in particular, to avoid tip fees.
If asbestos is in a good condition or is firmly bound in another material, its often safe to be left alone. It is when the material is in a bad condition or looks like it may deteriorate that it must be removed by a professional, which can cost a lot. A particular costly removal comes when asbestos has been deposited on the ground.
This means the material is friable and can cost thousands of dollars to safely remove. These unforeseen items can surprise even the most experienced builder, which is why you will not see them covered in your quotation. While your builder should do their best to research your property, conduct geo-technical investigations and drill test holes before construction begins, items can still be missed.
These costs can be substantial, so having a buffer in your budget for unforeseen circumstances is always advisable.To find out more about having a contingency plan, get in touch with the expert team at Integrity today.
Learn more about how to manage your finances for your build by giving us a call. To learn more call Darren on 0402 188 802