The National house building Council BuildMark scheme (NHBC), Premier guarantee, Zurich municipal guarantee or another warranty provider will Provide cover for newly finished home that are less than 10 years old. These warranties will protect the owner from structural defectss for a period of 10 years, it also in meant as a guarantee for the homes build quality.
All contractors involved in the construction of these properties should be registered with one of the warranty providers mentioned earlier, during construction warranty provider should carried out scheduled inspections of the build quality during construction.
The warranty provided belongs to the house and not the owner in the situation where ownership is transferred the warranty would still be valid as long as it remains within the ten year period. Although a house may still be under warranty and there is a transfer of ownership it is always a reasonable decision especially within a few years of that warranty to obtain a structural survey, its best to know of any defectss that are current in a house before parting with any monies.
Snagging –Newly Built Homes
Snagging is a term used to identify all the errows, the build quality and the finishing within the building process, usually the identifying of these problems would be the domain of the building inspector, for it is easier for the building inspector to liaise with the contractors and obtaining a positive outcome. Some buyers do try to take on this role themselves, which is not a bad idea if you know how to converse with a building contractor without upsetting or disrupting the build progress. if you take on this process yourself you must make sure you know how to recognize all the problems that may occur during the life time of the build of the house and have the ability to communicate this to the contractor in a way that brings about a positive outcome.
You must remember that some problems will not come to light until some time after the completion of the build; it will then be the responsibility of the contractor.
A NewBuild warranty is essentially an insurance policy against a new build house, the insurance policy would have been taken out by the contractors who built the house, this policy will help to protect the contractor and any owner (within the ten year period of the policy) against any problems that may occur, the contractor would cover the cost of any errors that occur within the first two years of the house's life, from then on and before the end of the insurance policy (eight years) the insurer usually the NHBC will cover any structural defects that may occur, this in effect would mean that the owner would have to identify any other major defectss that may occur within the first two years of the property's life. And report it to the contractor.
Before you buy
Always check to make sure your contractor is a recomended by either the NHBC or the LABC or one of the other major providers, the contractor should be included in at least one of the major warranty providers website register which you should have the ability to check.
UploadAproperty Homebuyers Help Center
This is just a quick look into a few of the of the issue you should be aware of if your thinking of Purchasing a newly built house.
You can find more indepth help on the topic covered in this article and other like the Shared ownership schemes, first time buyers etc at the UploadAproperty Homebuyers/Homesellers Help Center, UploadAproperty is a for sale by owner site that has a comprehensive library of advice for the seller and buyer of property in the UK and abroad, we cater for the buyers of property and for those who sell property online.
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