What you should know about warranties on home building supplies
So you have finally realized the dream of building your new home! You have moved in and got your family settled when within just a short period of time you begin to notice a few things that are wrong. Perhaps you have a problem with your plumbing, or your air conditioner works only sporadically. Or maybe your wood flooring is beginning to bow or you see paint that is cracking. These are all thing that can and do happen in new homes. But before you rush out to hire an expensive professional to repair the problem it is important to take a moment and understand what in your new home is under warranty and how that warranty can help you.
Here is what you should know about warranties on home building supplies:
- Home Warranty-Your new home in its entirety should have a warranty from the builder. A home warranty is a service contract, usually covering one year, which helps protect homeowners against the cost of unexpected covered repairs or replacement on their major systems and appliances that break down due to normal wear and tear. This also covers the structural aspects of your home. This will enable you to call on the builder for a specified amount of time should something be wrong (or go wrong) in the construction of your home. Generally most builders offer a basic coverage for a home under 5,000 square feet, regardless of age that includes the home's heating, plumbing, electrical system, water heater and major appliances, such as range/oven/cook top, dishwasher, garbage disposal, etc. Home warranties for homes that are over 5,000 square feet usually can be had for an additional fee. There are some very basic points that are crucial to understand about home warranties. The home warranty for the entire house belongs only to the original owners. Once you sell your new home (or buy a different home) the original builders warranty is considered null and void. Because of this fact you can purchase a home warranty from companies that extend them to subsequent homeowners. The cost of this type of overall coverage will depend on the age, size and condition of your home. The cost can also vary depending on your geographical location.
- Interior warranties-There is also another type of home warranty that is important to know about. Each item that is placed within your new home will have a warranty from the original manufacturer. For example all of your appliances in your new kitchen will have their own warranty. Your carpet, paint and window coverings will all carry a warranty as well. Many homeowners overlook this and when repairs are needed they rush to have an expensive repair call made when the item may still be under warranty. One way to stay informed of the warranties within your home is to ask your builder to have all warranties (the paperwork) put together for you. Many builders will have a binder presented to their clients at closing that contains all the warranties for everything used in the house. This makes a handy guide should something go wrong the homeowner can simply look up the conditions of the warranty and work from there. It is crucial to understand though that all items within the house will carry different warranties with differing lengths of time for effectiveness. While reading your warranty binder may not be the most stimulating it can be important to know: Is the warranty full or limited? How long is the warranty period? How easy would it be to obtain repairs or replacement? Who would pay shipping charges or delivery charges? What is covered, the entire item or only a certain portion of it? Are parts and labor both covered? Can you get a similar product on loan while yours is being repaired? Who gave the warranty? Will the company be in business if you need repairs or replacement?
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