Financing your home
The first step is to do a budget. You will need to sit down – in case any of the figures surprise you! From your seated position, work out your annual income and ALL your expenses. Check all your bills to work out the annual cost. If you are buying as a couple, do a […]
Unavailable Products
Sometimes building materials and products are specified by an owner, but become unavailable for reasons such as strikes, shipping delays, high demand etc. This presents the owner and the builder with a dilemma which must be worked through carefully. If these circumstances arise most building contracts provide that the builder must notify the client and […]
Stamp Duty
Stamp duty generally applies to the purchase of existing homes and land in WA. First home owner exemptions are available. For more information visit the Department of Treasury and Finance.
Superannuation for business
All Australian businesses have responsibilities when it comes to managing superannuation for their employees. As the industry super fund for the building and construction industry, Cbus aims to maximise retirement outcomes for members and make super hassle-free for businesses. Here is a simple checklist to cover the top things a business needs to know when […]
Renovation Costs
We already know that kitchens, bathrooms and laundries are the most expensive parts of a home to add or update, but the cost of renovating can quickly add up even when it is a simple extra bedroom or games room at the back. New homes have fewer complications to overcome, and builders generally start […]
Security of Payments Legislation
The Construction Contracts Act, also known as security of payment legislation, commenced on 1 January 2005. Part of this legislation covers disputes between building owners and builders. The laws are designed to maintain the flow of funds between parties even when a dispute occurs and not allow an owner to retain monies owed under a […]
Shared Equity Scheme
A shared equity arrangement is where two or more parties agree to co-purchase an asset, and share in any capital appreciation of that asset over time. The parties may agree on a 70/30 ownership or any other shared arrangement. The parties need to consider whether recurring expenses such as stamp duty rates and taxes and […]
Survey Plans
A legal survey exists for all land (lots) in Western Australia. Survey plans are the official record of the legal boundaries of land and will usually indicate the dimensions and size of a lot. Three types of legal survey plans are available from the public register and copies can be purchased online from the Western Australian Land Information […]
Profit Margins in Building
There are many variables which need to be taken into account to comment on profit margins such as the size and type of project, the type of contract, the overheads/administrative structure of the builder, number of sales and other staff employed, the economic state of the industry, whether renovations or new housing and so on. […]
Land Title Release and Contracts
Sometimes people sign a building contract and pay a deposit on a home when land title is not yet available. Delays in the processing of land title can be lengthy and with building costs increasing rapidly, so there can be contract complications and inconvenience to both parties. Under normal conditions and under most building contracts […]