Last Updated on May 31, 2022 by Kravelv
Buying a new build home is an exciting opportunity to move into a property that no one else has ever lived in. Best of all, if you’ve chosen a reputable company you’ll have helped, to design the property, ensuring you have something that fits your style and needs.
It’s worth noting that a reputable specialist in dual occupancy home designs should be spoken to before purchasing or commissioning any new build. Sharing a property with loved ones is an increasingly popular option.
Regardless of what style of property you have chosen or who has built it, you should get several guarantees given to you upon completion of the home. Make sure these will be provided before you commission your new home build.
10-Year Insurance Policy
A new build shouldn’t have any defects and it is normal to assume that there will be no major structural issues within the first ten years of life. However, issues can happen and often do.
The 10-year insurance policy is taken out by the company building your property. It doesn’t cost you anything extra. The policy usually specifies that the builder is liable for any issues within the first two years. After this time, the insurance policy will cover the costs of fixing issues.
In other words, with this guarantee, you can rest assured that any major issues with your new build will be repaired at no cost to you.
That’s why it’s essential that you have this 10-year insurance policy in your hands before you complete on any purchase.
Dealing With Issues
Although you have the insurance policy, there is no reason why you shouldn’t contact the builder/developer directly in the first instance. Instead of going through the claims process, it may be faster and better for everyone involved to deal with it directly.
Of course, if this doesn’t work then you can place your insurance claim and they will handle everything for you.
What’s Covered
Major defects, such as cracks shooting up the walls, are obviously covered. However, in most cases, these are not an issue. You’re more likely to notice a smaller issue, such as damp penetration or even cupboards that don’t shut properly.
These items are still covered as the new build warranty states that all properties should be completed to a good standard and that high-quality materials should be used.
Your warranty is designed to make sure everything works as expected, that everything you asked for is present, and that the quality of all work meets approved standards.
If you have any doubts after you’ve taken ownership of your new build you can have a building inspection completed. This will highlight any issues and help you to get them resolved by the builder.
Don’t forget, as with any purchase, the house must be fit for purchase. That means it must be capable of being used as a house and its design/specifics should be the same as those that you agreed upon before work began. The guarantee effectively gives you peace of mind when purchasing a property.
