Building a home involves a lot of thought about financial security. Your home can help create financial security for you. Getting a loan can make you wonder if you’re financially secure enough to qualify. The commitment of building a home can make you feel more secure — or challenge you to think about whether you’re ready for that secure, settled feeling.
You may not ever think about how financially secure your home builder is.
You should, though. A home builder that’s not financially secure may cut corners on the quality of materials. They may not be able to get materials delivered on time. They may not keep up with their insurance, leaving you liable for risks you wouldn’t expect.
In the worst case, they may go out of business and be unable to finish building your home. More than 20% of U.S. construction companies have gone out of business since 2006, so this is not as unusual as you might expect. A contractor who has declared bankruptcy may not be able to refund your money or to finish your project. Some may just leave town.
Even if that horror story is unlikely, there are other concerns. Will the construction company be around in the future if you have more questions or you want more work done? United-Bilt Homes has been building houses since 1958; for some families, we’ve built houses for three generations in a row. Not many builders can make that claim.
Here’s what to look for when you’re deciding whether your builder is financially secure:
- Good references and a solid history
- Good bank relationship and line of credit with lumberyards
- Enough workers and materials to finish the job
United-Bilt has been around for over half a century. We have put more than 35,000 customers into their dream homes. Your materials will be delivered from our lumberyard at the beginning of the job, so you can feel completely secure. When you choose a builder, make sure you choose someone equally reliable.
