Unraveling the benefits of new home warranties

In today’s housing market, the appeal of new homes comes with many benefits, not least of which is the assurance of a warranty. This security blanket offers homeowners a carefree lifestyle, saving them from tedious maintenance tasks and potential hefty repair costs.

A home warranty often serves as a safety net for buyers, safeguarding against any construction errors that may have occurred during the building process. However, it’s crucial to perform due diligence to comprehend the full extent of coverage.

Typically, a ten-year warranty is split into two stages: the first two years cover builder-related defects, such as window sealing or pipe fitting issues; the next eight years protect against major structural problems tied to foundations, roofs and load-bearing elements. Always ensure an A-rated insurer backs your warranty for guaranteed reliability.

THE ROLE OF SNAGGING INSPECTIONS AND HOME INSURANCE

Before a warranty comes into effect, buyers can opt for a snagging inspection – a survey specifically designed to scrutinise workmanship and pinpoint potential problems. This serves as a pre-emptive measure, offering peace of mind even before you move in.

However, it’s essential to remember that a warranty cannot be a substitute for home insurance. Home insurance covers unexpected events like flash floods or accidents, while warranties do not cover modifications or additions made to the house post-purchase. Promptly reporting any issues is key to a successful warranty claim.

THE COST-EFFICIENCY OF NEWLY BUILT HOMES

New build homes, constructed using modern materials and adhering to current building standards, generally experience fewer issues. The Home Buyers Federation (HBF) reveals that upgrading a pre-existing three bedroom semi-detached home to match new build standards could cost upwards of £70,000.

This includes renovations, rewiring, insulation, roofing, rendering, doors and windows. Despite this substantial cost, many underestimate it. Yet according to the HBF, 41% of home buyers recognise lower maintenance as a compelling reason to invest in a new home.

MAINTENANCE COSTS AND THE HASSLE-FREE LIVING

While maintenance costs are inevitable but often more manageable with new homes, setting aside 1% of the property’s value each year is recommended for these expenses. Significant costs, such as roof replacements or exterior painting, are less frequent with new builds.

Routine tasks like gutter are cleaning, boiler servicing and garden maintenance are more affordable and manageable. As life gets busier, the hassle and cost of home maintenance become less desirable. Investing in a newly built home ensures a sense of security and hassle-free living experience.

Don’t forget, our professional friendly advisors are on hand to support you and can help you explore all of your options.