With numerous builders facing insolvency, industry expert Mike King provides crucial strategies to safeguard home buyers in their journey towards successful homeownership in Perth.
Perth, Australia – In light of the recent financial turbulence affecting Nicheliving home builders, industry experts are urging home buyers to exercise extreme caution when choosing their builders—a critical step in ensuring a stable and successful path to homeownership.
In a recent in-depth discussion on 6PR’s Perth Live, Mike King, founder of Better Way 2 Build, provided strategic insights on how first-time buyers can avoid common pitfalls.
Listen to the full interview with Mike King on 6PR’s Perth Live here.
“The journey to homeownership is often the most significant financial undertaking in one’s life,” Mike King explained. “While exciting, it’s essential to approach it with care and scrutiny, especially in a market where numerous builders face unprecedented challenges.”
Mike King’s Key Strategies for Choosing the Right Builder
1. Thorough Research and Review Analysis
Mike King advises starting with a comprehensive review search. Buyers should prioritise recent reviews, understanding that changes in a builder’s operations can occur swiftly. Reading negative reviews alongside positive ones can offer a balanced perspective.
He encourages potential buyers to question builders directly about any concerning feedback, noting how the company responds to criticism as a vital sign of their accountability.
2. Investigating Builder Capacity and Insurance
Understanding a builder’s insurance capacity is crucial. Mike King recommends buyers ask detailed questions about the builder’s current project load and their capacity to take on new work.
“A builder should have an adequate insurance cap to cover new projects, indicating both operational health and financial backing,” Mike King emphasised.
3. Securing Multiple Quotes
Mike King underlines the importance of comparing multiple builder quotes—suggesting consultations with 7 to 10 builders. He argues that such diligence helps ensure competitive pricing and identifies distinctive offers and terms that might suit varied buyer needs.
4. Caution Against Deceptive Offers
“Offers claiming to secure a home for far less than standard rental costs should be approached with scepticism,” Mike King warned. These can often lead to compromised quality or hidden costs down the line.
With Perth rental prices averaging between $600 to $800 per week, offers suggesting significantly lower costs should be carefully scrutinised.
Support for Buyers in Challenging Situations
For those already facing difficulties with their current builders, Mike King advises seeking immediate legal consultation. Homebuyers have resources available, including specialised services from Better Way 2 Build, which hosts seminars and provides expert guidance to navigate these tough scenarios.
“Although switching builders mid-project typically incurs additional costs, insurance options, such as those from companies like QBE, can offer essential support,” noted Mike King. “Ultimately, choosing the right builder from the start is the best defence against these complications.”
Industry Implications and Consumer Education
The construction industry’s ongoing volatility demands that consumer education and advocacy remain a priority. Through Better Way 2 Build, Mike King and his team are dedicated to equipping buyers with the tools and knowledge necessary for confident decision-making in today’s complex market landscape.
For media enquiries, more information on this topic, or to arrange an interview with Mike King, please contact 08 6118 6119.
About Better Way 2 Build
Better Way 2 Build assists home buyers in streamlining the building process, ensuring transparency and helping clients make informed, strategic decisions that align with their long-term home investment goals.
