“Deposit Fraud” is one of the most common scam tactics where Renovators disappear, file for bankruptcy, or intentionally delay works after collecting a huge upfront deposit.
Protect yourself by taking note of the pointers below...
1. Check for Prepayment Protection
Sample of 100% Deposit Guarantee Performance Bond provided by CaseTrust-accredited RenovatorsIdeally, this protection should be endorsed by a credible third-party. For example, CaseTrust-accredited Renovators are required to provide Homeowners with a 100% deposit guarantee in the form of a performance bond to safeguard their deposits before work commences. This bond is underwritten by NTUC Income and works like an insurance where Homeowners can claim back their deposits in the event of closure, winding up and/or liquidation.
If your Renovator doesn’t provide a performance bond, it would be wise to request for alternative forms of prepayment protection e.g. penalty fees for extended delays, deposit recovery methods etc.
2. Make payments directly to the Interior Firm
Before making any payment, double check that it goes directly to the interior firm's bank account instead of the interior designer/sales rep's personal bank account.
See: 14 weeks' jail for interior designer who pocketed over S$20,000 from homeowners to settle gambling debts
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It was almost like they didn’t exist - so we started our search on Google. HomeMatch came across as a no brainer for us to try because of their case trust accredited IDs, clear outline of their services and the fact that they came at no cost to us. The communication with HomeMatch were always swift, clear and helpful. From our online form, they called and clarified our needs then set about to match us with five IDs. We were able to view their profiles, portfolios and video snippets which were handy when it came to comparing meeting them in person whether they were authentic. Four of the five IDs contacted us swiftly and met with us twice - the first time to understand our requirements and floor plan and the second time to propose layout and itemized quotation. Same went for the fifth ID who was a later match because the initial match was not able to meet us. HomeMatch really came through with promptly replacing the initial recommendation such that the replacement ID was able to meet us the very next day. We were able to select an ID from the five based on all our interactions and although the process from contacting HomeMatch to signing with ID took 2 months it would have taken even longer had we tried to source IDs from the wild. HomeMatch services didn’t end with us signing the contract. HomeMatch reviewed our contract and advised us of its pros and shortcomings. They also provided critical tips that will help make our renovation journey a successful one. Although our Reno work have not begun we know that clear communication works best and we can always count on HomeMatch should we need them again.
Sit Back — Your Renovation’s in Safe Hands
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Recommend Me!Nobody Around Us Could Recommend a Good ID
It was almost like they didn’t exist - so we started our search on Google. HomeMatch came across as a no brainer for us to try because of their case trust accredited IDs, clear outline of their services and the fact that they came at no cost to us. The communication with HomeMatch were always swift, clear and helpful. From our online form, they called and clarified our needs then set about to match us with five IDs. We were able to view their profiles, portfolios and video snippets which were handy when it came to comparing meeting them in person whether they were authentic. Four of the five IDs contacted us swiftly and met with us twice - the first time to understand our requirements and floor plan and the second time to propose layout and itemized quotation. Same went for the fifth ID who was a later match because the initial match was not able to meet us. HomeMatch really came through with promptly replacing the initial recommendation such that the replacement ID was able to meet us the very next day. We were able to select an ID from the five based on all our interactions and although the process from contacting HomeMatch to signing with ID took 2 months it would have taken even longer had we tried to source IDs from the wild. HomeMatch services didn’t end with us signing the contract. HomeMatch reviewed our contract and advised us of its pros and shortcomings. They also provided critical tips that will help make our renovation journey a successful one. Although our Reno work have not begun we know that clear communication works best and we can always count on HomeMatch should we need them again.
Sit Back — Your Renovation’s in Safe Hands
No more worries. HomeMatch will recommend you trusted & suitable renovators, check your contract, and protect 100% of your deposits!
Recommend Me!
