New Home Warranty Basics
If you’re worried about the potential problems that could arise after you purchase a new home – don’t worry. Alongside working with a reputable builder, each and every new home buyer in Alberta can look forward to new home warranty. In addition to peace of mind and a beautiful home, here’s exactly what you can expect from your warranty program:
New Home Warranty 101
Mandatory home warranty was put into place in February of 2014 in order to protect buyers from specific builder related defects when purchasing a new home. This mean, everyone who buys a new home can look forward to sound building practices and are protected from for any unlikely surprises in their new home.
It’s important to note every home builder in Alberta must provide warranty. More specifically, 1-2-5-10 coverage must be given to new buyers with some builders offering even further coverage as an added benefit (i.e. longer coverage on certain items).
1-2-5-10 Warranty Coverage
As we mentioned, all new home builds must offer the 1-2-5-10 coverage, which includes the following:
One Year – Materials and Labour
For up to 12 months after your possession date, you will be covered in the event of any defects related to builder materials and labour. A good builder understands that new homes settle within the first year and sometimes nail pops or perhaps chipping paint may arise as a result (totally normal). This could also include any defects in flooring, trim and more.
A good builder will work with you to organize a one-year follow up to ensure everything is up to standard in your new home and to discuss any concerns you may have.
Two Years – Distribution Systems
Right up until the end of your second year, you’ll enjoy warranty coverage on all major mechanical systems in your home. This includes your heating, electric and plumbing systems.
Five Years – Building Envelope
The building envelope is defined as the “shell” of the home – the materials that keep the interior air from meeting the exterior and keep your home insulated. This includes components such as wall framing and cladding, as well as roof and window insulation. Some builders may even offer a two-year extension of this coverage – meaning you’ll have the benefit of a full seven years of coverage from the day you move in.
Ten Years -Structural Integrity
This refers to the full ten-year coverage of key structural components of your home. This will cover defects resulting in the failure of any load bearing part affecting your ability to safely occupy the home – the framing or foundation, as an example.
In short, home warranty is nearly invaluable when it comes to the peace of mind it provides new home buyers. Of course, a good builder will be happy to help no matter what the circumstance, but it’s reassuring to know you’re backed by some great coverage.