One of the major benefits of choosing to buy a newly-built home is that it comes with a seven-year warranty. It’s important to understand the rights and responsibilities of your warranty, and these five tips will help:
1. Make your mind for possible delays:
When you purchase a new home, the builder will state a closing date in your Agreement of Purchase and Sale. This date may be extended due to various factors, sometimes outside of the builder’s control. For the homeowner, this means you may have to wait longer than expected to move in. Every builder of a new freehold home in Ontario must provide the delayed closing warranty to buyers at the time the purchase agreement is signed. Through this warranty, your builder is guaranteeing that your home will be completed by a mutually agreed upon closing date, or by a closing date that has been properly extended. Your builder may be required to compensate you if a delay occurs and your closing date has not been extended properly.
2. Inspect on your own:
Your builder will schedule a pre-delivery inspection, or PDI, on or before the day you take possession. Make the most of this opportunity by learning how to operate your home’s systems and properly care for your new home. List anything on the PDI form that may be damaged, incomplete, missing or not working properly. Make sure that the form is complete, because it will serve as an official record of the condition of your home before you moved in.
3. Submit on time
There are strict deadlines for submitting warranty forms. The best way to stay on top of those deadlines is by registering by MyHome an online service for homeowners operated by Tarion. It will remind you of your warranty periods and allows you to submit your forms online.
4. Home maintenance is essential
Attentive maintenance not only ensures that your property remains in good condition and working order, it also preserves your warranty coverage. For example, controlling moisture levels throughout your home is a prerequisite for certain warranty claims.