Buying a home is one of the biggest purchases you'll ever make. There's a lot to consider when searching for the perfect home: location, cost, size, build year. Older and preowned homes come with much uncertainty, so you might be compelled to look at new homes for sale. And you'll be happy to know there's a perk that's often overlooked—a new home warranty.
A Benefit That's Almost Guaranteed
Certain provinces in Canada (British Columbia, Alberta, Ontario, and Quebec) and the Canadian Home Builder's Association require builders to provide home buyers with a third-party warranty. In the rest of the country, the decision is up to the buyer. Hint: You want one.
Included Coverage
A third-party warranty guarantees that you don't have to worry about paying out of pocket if a problem occurs. At a minimum, it includes deposit insurance, protection against defects in work and materials, and major structural defects. Some warranties even include temporary living expenses if something goes wrong and you're displaced for a period of time.
Before you sign a contract, thoroughly comb through your warranty coverage. Pay attention to what's covered, how long it's covered for, and what provider your builder is registered with.
What to Expect Once You've Decided to Buy New
As the home nears completion, you'll schedule a walk-through with your builder to verify that your home is built according to the plans and specs. The builder will then offer a completion date for any issues you find and any information you'll need for the finished product.
Buying a new home means customization tailored to your wants and needs, and new home warranties are a good guarantee that you'll be covered if a problem occurs. The choice is clear. You want to buy a newly built home from a professional builder with a strong portfolio and a third-party warranty.
