Building a custom home can be a dream-come-true for many people. The feeling of taking a design and turning it into a reality is something that few words can aptly describe. But, the events in our lives can often be coupled with uncertainty. So, what happens to your custom home if death, divorce, or other unanticipated events should occur and the contract on your home building project must stop?
In many cases, there are costs associated with the contract termination itself, as well as other financial items you may be responsible for. As an example, you could still be required to pay for materials that have already been ordered (even if they have not yet been received).
You could also incur other expenses, as well, such as payment for labor that has already been performed on the home, and any legal fees that you incur for necessary documents and / or counsel. Also, be prepared to document the reason(s) why you have decided to halt the building procedure.
In any case, be sure that you thoroughly review any custom home building contract before you get started with your project – particularly if there is any indication at all that you may need to stop the project prior to its completion.
Unfortunately, the termination of a custom home building contract can have serious consequences for all of the parties involved, depending on when and for what reason it occurs. With that in mind, if you run into a situation that may render it necessary to stop the building of your new custom home, be sure that you are fully aware of how much it could cost, as well as what some of your other possible alternatives may be.
For more information on custom home building, or to discuss the cost and time related milestones for your unique design, Contact Us today.
