As a number of South Australian building companies make headlines for the wrong reasons, Anthony Buckingham writes about how to make sure you’re working with a financially stable building company.
A number of prominent South Australian builders have gone into liquidation in recent times, triggering horror stories in the media of families left high and dry with half-finished homes.
One recent headline read ‘Eighth SA home builder goes bust’, with the story also featuring the angry response of Adelaide tradespeople owed thousands for work they had already carried out.
In light of the media attention around the issue, people considering building their dream home are becoming more nervous throughout the process of procuring a builder.
The South Australian government is doing what it can to reduce the risk of builders becoming un-financial and leaving builds unfinished, with builders now required to open up their books in order to secure insurance for a new project.
Rest assured, there are still many high quality and credible building companies in South Australia. You just need to make sure you’re working with the most credible players in the industry.
How to know your builder is financially stable
An increasing amount of people are greatly reducing their risk by using an experienced building advisor, such as Adelaide Build Assist, to run a tender process and engage the best builder for their needs.
While an advisor won’t have oversight of the financial position of the builders we invite to tender for jobs, there are a number of ways to identify the most credible and stable building companies.
By example, here’s the way we approach it at ABA:
We only use builders with significant longevity in the market
Many of the builders we use are second and third generation family businesses, meaning they are in the industry for the long-term, not to achieve some short-term gains
We only use builders that we have had positive building experiences with
Every builder that we invite to tender has other ongoing relationship and projects with us and through their own independent networks, which helps ensure their cash flow
Our connections throughout the industry give us insight into which businesses are robust and which consistently delivering great outcomes for their customers
We don’t work with ‘fly-by-night’ operators - most builders on our books have been working with us for more than five years, and some for more than 20 years
Peace of mind from start to finish
ABA clients rest easy knowing we only use bespoke, premium builders who have built their credibility with many successful projects over many years in the market.
Our clients get full access to everything that comes with our industry experience - the best quality at the best price, and help to ensure a smooth process with the builder from start to finish.
Our long term relationships with builders and contractors are particularly important to our clients, especially those who don’t have their own relationships or experience in building, development and property.
How can we help?
Need help bringing your dream home or investment project into reality? ABA will help you through the process from start to finish, saving you time and money while giving you peace of mind and full confidence you are getting the great quality and the best value for money.
Contact us for a no obligations discussion about your project.