Builder’s Bankruptcy, is That Your Problem?

Many families embark on their dream home build and find themselves in a trying situation of financial hardship. Things were going well from the beginning as they set out to build their dream home. The price was right, the builder seemed professional, they even started to see weekly progress and began to envision their home, styled just the way they liked it! A few months into the project, they began to notice the builder slacking off. He wasn’t going to the site every day and he began to ignore their calls. Alarm bells started ringing as the excuses started rolling in… “I can’t work with today’s weather forecast”, “My son is sick, and I can’t go to site”, “The plumber hurt his foot so we have to postpone today’s work”. The excuses kept rolling in and they sensed something wasn’t right.

It wasn’t until they received an official letter in the mail stating that the builder was going into liquidation that things became clear. Their dream house was far from completion and the builder was bankrupt. The husband calmed his wife, saying “don’t worry, we have Home Warranty Insurance!” but when they called the builder’s broker, they found out that HWI covers 20% of the builder’s contract and a maximum of $300,000 for incomplete work. Worse still, it is only triggered if the builder dies, disappears, or becomes insolvent – so for some families in a similar situation, HWI may not even cover a cent!

Even with the insurance payout AND their life savings, it was simply not enough to finish the build. The family were forced to sell the incomplete property below market value, just to make ends meet. Their dream was flushed down the toilet, they were left in financial hardship, all because their builder went bankrupt.

When choosing a builder to create your dream home, it can be overwhelming trying to find the perfect match. At Rockwall Projects, we create a plan specifically for you. No cookie-cutter templates, no fitting your round dream in a square hole .our priority is your build and we emphasise the quality and professionalism of the work we deliver. Call us today on 1300 611 996 to to learn about the Rockwall projects process and discuss your individual dream home plans or alternatively you can download your free Guide “7 things you must know before designing a new home” on our website or on the link below

Dream home design

7 Things You Must Know Before Designing a New Home

I think you going to enjoy this – it’s packed are with super practical information covering the seven critical things you must know before you start designing your new home however I want to make sure you don’t miss the 3 important tips include in this guide that could save you lots of money and lots of time in the design process.

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Thank you for stopping by, reading & considering Rockwall Projects as a capable builder to build your a new home !

Regards, Rockwall Projects Team

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed