What Warranty and Insurance Do New-Build Homes Require?

When you first plan to purchase a new home, having a good warranty with beneficial insurance is key to the future of your living space. No one ever knows when a problem will come about, so taking the necessary precautions will be vital. After all, you don’t want to get hit with an expensive repair when it could have been avoided by having the right warranty and insurance.
However, you will have to have the right type of warranty for your new build home. This means the Solo for Self Build option. Yes, there are residential, rentals and mixed warranties available, but they won’t fit your needs if you’re trying to purchase a new home. The Solo warranty is a 10-year plan that is geared to offer various options in a two phase system.
During the first phase you will be able to get quality cover and during the building process. If you are using a reputable company, they will continually keep you in the loop to the progress that is being made. If by chance something is out of order you will be the first one to know about it. During each stage there will be a completion process that must be approved. It will then receive a certificate of accomplishment.
Obviously the safety issues are the main goal, but there are also many other benefits that come along with a Solo for Self Build warranty. The most important to some families will be the financing department. Without the proper warranty in place it can be more difficult to receive a proper loan without hassles along the way. Since the mortgage lender will have cover as well, it will make the paperwork trail work faster.
Plus, there is a chance that something could happen during the construction. If by chance the sub-structure is defective while it’s being built, you will not have to pay for any of the costs to restructure it. The most common problem usually revolves around drainage issues in case of a storm. If you don’t have the proper cover, this could end up halting the building until you come up with the money.
When you’re looking over the second phase of the warranty, it will explain in detail all the parts of the home that are covered if a problem occurs. This can range from staircases and ceilings to wall plaster and foundations. In all there are over 12 different areas that are covered, which basically takes up the entire home. When you see it for yourself you’ll have a better understanding of it all.
Then again, there are a few things that Solo warranty doesn’t cover. In this case you may look for additional options to have everything covered. Just keep in mind that this will cost you extra money, so if it’s not necessary, you may not want to get it.
If there comes a time when you decide to move, the Solo warranty can be transferred over to the new home owners. However, they will not receive a new 10 year term, but instead have whatever is left on the one you transfer. If by chance it runs out on them, they’ll have to purchase their own. It may not be important right now, but definitely something to keep in the back of your mind if you do decide to sell down the road.

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