Investing in a construction project in Australia could pay off. Property in Oz tends to reach high valuations. That in itself means that you can make a reasonable profit so long as you are willing to invest a little money into a project. When you are considering hiring some contractors, you need to know what you are looking for and who you can trust. Here is the essential guide to hiring contractors in Australia.
Understand how to work with independent parties
When people call themselves independent contractors, that means that they work for themselves. Don’t confuse these people with employees. You are not their employer; you are their client. There is an enormous difference. That means that if the contractors want to determine their hours of work or their terms, they can do. Independent parties tend to have many various clients. If you don’t respect these workers, they will decide that you are more trouble than you are worth. You need to ensure that you have a legally binding contract with these people so that your finances are safe.
Look for a comprehensive insurance policy
Some contractors will have insurance policies, but you should not rely on that fact. Instead, it is worth you getting insurance so that you know you have a level of security. If something goes wrong on the site, you might be culpable. You need to ensure that you have coverage so that you can pay for any accidents that might happen. Look at policies that suit your project. Some insurers will offer you a short term contract, which you can use for the duration of your project. You need to be honest with your contractors so that they know what policy you have.
Ensure that you can cover the legal costs
There are many legal issues that you need to think about when you start a building project. You will, of course, need to get agreements for your workers. If you don’t have the proper contracts in place, you will find that you have no level of legal protection. Ensure that you talk to an Australian lawyer, who can help you with your requirements. That way, you can make sure that you don’t run into any possible legislation issues down the line. When you are creating your budget, you need to make sure that you set aside some cash for your legal bills.
Make sure that the company is legitimate
If you are not a resident of Australia, you might not know what the legal requirements are for workers. You should ensure that every contractor, who you hire, has a white card. That document proves to you that the worker has had proper training. Without the card, a worker is practicing illegally. Before you hire anyone, you need to make sure that they are legitimate. Cutting corners will only lead to trouble, in the long run. If you are about to embark on a project, you need to make sure that everything is legal. Australian laws are strict, and if you break them, you will get into serious trouble.
Ask for an estimate before you sign anything
If you let a project run on too long, you could find that it is more expensive than you expected. If you want to make sure that you can afford the project, you need to ask for a total estimate from your contractors. Make sure that the workmen don’t leave anything out of their estimate. You need to know how much money you need for the build. The last thing you want is to get halfway through a project and run out of funds.
Image credit: Alejandro Erickson