The research, conducted to launch the Master Builder of the Year Awards, shows that 48% of homeowners lose out by paying builders for the total project in cash, in an attempt to avoid paying VAT. More than one in 10 (11%) homeowners were left with badly done building work and of these, 76% paid for the job in cash.
Brian Berry of the FMB said: "Before employing a builder, it is vital to carry out checks to make sure you are using someone reputable, such as an FMB builder. Choosing your builder on price alone can be a false economy. There are plenty of great builders out there and choosing the right one makes the difference between having a dream home or a financial nightmare."
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Architect and Channel 4 presenter George Clarke, who will host the Master Builder of the Year Awards, added: "If you pay a builder large amounts of cash upfront then you leave yourself vulnerable to them increasing the price or walking off the job half-way through and you don’t have any warranty. By using a reputable builder, signing a contract, and organising staged payments with receipts, you will have recourse if it all goes wrong."
If you have used a great builder over the last year, nominate them for the Master Builder of The Year Awards here.
(NE)
