Everything you need to know about New Home Warranty
Buying a new home can be a stressful process, whether you are building a house or purchasing a previously built one. However, one major benefit to buying a new home from a builder is that you can receive new home warranty. Builders in Alberta, as well as members of the Canadian Home Builders’ Association, are required to provide this to new homeowners. It’s important to know what’s covered under this warranty in case anything goes wrong so here are the basics:
What’s covered under a new home warranty?
All new home warranties differ in coverage, depending on your builder and who they’ve chosen as the third-party provider. A basic warranty will include deposit insurance and protect you against work, material and structural defects. Depending on the level of warranty you receive from your builder, it will specify what is included and often upgrades are available.
Before you sign any contract, make sure you fully understand what the warranty entails. It is also important to ensure that the builder you’ve chosen is associated with a reputable warranty provider. Check the builder’s website to find their warranty company and call them to ensure everything is legitimate. When it comes to a new home warranty, you can never be too careful.
How does the home-buying process work?
Before you move in, it is important to do a full walk-through of the house to make note of any small defects or imperfections. This can include anything from nicks and scratches to missing siding or crooked fixtures. The walk-through will also include a thorough explanation of how features in the home work and should be cared for, so ask any and all of your questions here.
If there is something that needs to be fixed within the warranty period, you will follow the process set out by your builder to remedy the situation. If your builder is unavailable during this time, the warranty company will remedy the situation between you and the builder. It will all be laid out in your warranty contract, so it is important to read this closely.
What are change orders?
Once a blueprint is decided upon, home buyers often change their minds. Whether they want the light switch in a different place or the kitchen just one foot bigger, these changes can cause delays in schedule and especially changes in the budget. If you make changes after the contract is signed, make sure you talk to your builder about getting it added into the contract and therefore covered in the new home warranty.
Even though this may sound like a lot of legal jargon and complicated lingo, for home buyers this is a no-brainer. You know you want a house built by professionals who stand behind their work and offer a third-party warranty. A new home warranty gives you that peace of mind knowing that your home is covered, should anything happen to it.
For more questions on the home buying process and the new home warranty, visit the Canadian Home Builders’ Association website.