Axon Unleashed Podcast: Avoiding Common Mistakes When Building Your Property

Building a new property involves a lot of moving parts, particularly if it is your first build or you are managing the process from interstate. In this episode, Axon’s Build Support Manager discusses some of the common mistakes property investors can make during construction – and why careful oversight from progress payments through to handover can make a significant difference.

Many of these mistakes come down to assuming that everything will simply progress as planned. Construction involves multiple stages, contractors, payments, inspections and deadlines, so knowing what should happen at each stage can help investors identify potential issues before they become bigger problems.

Common building mistakes discussed in this episode include:

• Paying progress claims without checking the stage is complete. A progress payment should correspond with the relevant contractual stage of the build. Investors should understand what has been completed and have appropriate evidence before releasing payment.
• Confusing practical completion with handover. Reaching practical completion does not necessarily mean the property is ready for the keys to be handed over immediately. There may still be inspections, outstanding items and defects to address.
• Skipping an independent inspection. Having an independent third party inspect the property before final payment and handover can help identify defects, incomplete work or other issues requiring attention.
• Making the final payment too early. Investors should understand what remains outstanding before releasing the final payment, particularly where defects or incomplete items have been identified.
• Failing to keep clear records throughout the build. Photos, emails, progress updates and other documentation can make it much easier to track what has been completed and address questions as they arise.
• Leaving rental preparation until after handover. For an investment property, discussions with the property manager and preparation of the rental listing can begin before the keys are handed over, helping reduce unnecessary delays between completion and advertising.
• Trying to manage every stage without the right support. Builders, inspectors, property managers and other experienced professionals each have different roles throughout the process. Understanding who should be involved – and when – can make the build easier to manage.

A successful build isn’t simply about reaching construction milestones as quickly as possible. It is also about understanding what is happening at each stage, asking questions when something doesn’t look right and making sure the appropriate checks are completed before moving forward.

For property investors, good preparation can continue right through to handover. By coordinating the final inspection, addressing defects and preparing for property management ahead of completion, you can make the transition from construction to a completed investment property much smoother.