If you buy a home, you can get various protections for it. For instance, you should make sure someone reliable inspects it before you move in. You can buy homeowner’s insurance that should protect both you and the property if something unexpected occurs.
If you buy land and build the home you want, though, you can take other actions to protect this major investment. For instance, you might get a home builder warranty. You can get one for ten years if you like, which is industry standard.
We’ll talk about ten-year home builder warranties in the following article. If you have not heard about this concept before, you might want to consider it if you’re having an architect design your new home anytime soon.
What is a Home Builder Warranty?
Home builder warranties provide owners with much-needed protection and give you peace of mind. You can get a home builder warranty if you have workers build a new dwelling for you, but you can also sometimes get one if you do a major home remodeling job.
This warranty usually covers items that you’d consider a permanent home fixture. For instance, the warranty would cover a concrete floor. It should cover electrical work or plumbing.
If someone builds you a new home, you’ll probably get a home builder warranty standard. You can think of it like a service contract. It costs you extra, on top of the building materials and what you pay the workers for construction. Many homeowners feel like it’s well worth it, though.
What Can You Expect from a Home Builder Warranty?
If you get a home builder warranty, you should look at the contract very closely. You may even want to bring in a lawyer to go over it with you if you’re not sure about certain language or clauses.
Often, you’ll see one or two-year coverage on material and workmanship. You can pay more and get longer terms for these elements.
With significant construction elements, though, you may want longer coverage. You can get five or ten-year coverage, but paying more for the ten-year version makes sense for many homeowners.
Who Provides These Warranties?
If you look into these warranties when you pay a work crew to build your home, you should see that insurance carriers offer them. You can shop around to see which one works best for you. You want to look at length and cost, just like with any other insurance policy.
Also, you should look at how well you know the warranty provider. If you find a national brand that has been around for many years and has lots of positive feedback, you know that’s probably your best choice. A fly-by-night company that you don’t recognize probably isn’t your best bet, even if they offer you a cheaper deal.
Why Do You Need This Warranty?
Much like any other insurance variety, home builder warranties protect you from many unexpected occurrences. You’d hope you won’t have major disasters during the first decade you live in your new home, but what if you have a serious plumbing problem or an electrical issue? What if the house shifts because of a shaky foundation?
You do not want to pay for those repairs out of pocket since they can cost plenty of money. The home builder warranty should pay for those repairs or cover most of the cost. Without it, you’ll have to come up with the money on your own.
What Does that Warranty Allow You to Do?
If you have this warranty in place, especially the ten-year variety, you can move into your home and live there feeling much more confident. Without it, you might worry all the time that something will happen, and you don’t have protection in place.
Also, maybe you’re building some new homes, and you don’t plan to live in them. Instead, you hope to sell them to interested buyers who like the area.
If so, you can sell a home that includes the ten-year builder warranty. That feature will attract smart buyers just as much as a fancy new roof or a top-of-the-line kitchen or bathroom.
Nobody wants to spend their life thinking that they might have a big expenditure hanging over them at all times. With a ten-year home builder warranty in place, you can live in your home happily or sell it with confidence. Securing this warranty should remain a priority until you’ve found the right insurer and plan.
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