If you’re about to buy or build a new construction home, then be sure to learn and understand your new home warranty. While shopping for your new home you may hear a builder’s On-Site Sales Agent as well as your Realtor® mention the warranty that comes with the home. This Home Warranty is designed to protect homeowners against unexpected issues and breakdowns, reducing the overall cost of homeownership and providing peace of mind. A huge benefit to buying new construction is this warranty. Typically, the warranty is included within the purchase price of the home, so you don’t have to buy a separate potentially pricey policy as is the case with a used home.
The On-Site Sales Agent or Realtor® may refer to this warranty as a 2-10 warranty. The “2-10” refers to two years and ten years. The systems and appliances in your home are covered for the first two years that you own the home. The covered systems generally are the plumbing, electrical, heat & AC (HVAC), hot water heater and roof. The covered appliances are what you would expect: stove, refrigerator (if included), microwave (if it is a built-in unit), dishwasher, disposal, and washer & dryer (if included). These appliances are often covered by a manufacturer warranty that might be responsible for correcting any product defects, but your warranty company would generally be the first point of contact in the event of any problems. The structural components of your home are covered for ten years. This entails the foundation, any load-bearing walls, roof framing, beam & floor framing, and columns.
Most builders will also include a one-year warranty where they walk your home at 11-months, looking for specific things that might need to be fixed, the most common being nail-pops. The foundation of your home is likely to shift a bit during the first several years and framing will swell and constrict as the seasons change throughout the course of a year. Going through this one-year cycle allows any nail-pops or small defects to crop up and become visible for the builder to see and correct at this 11-month walk-thru.
However, it is typically the homebuyer’s responsibility to reach out to the builder to schedule this 11-month inspection. Don’t let this date pass you by. As you see things keep a running list so that when you schedule this walk thru you can point out what you have seen, and that the builder takes note as well. Most homebuilders have a very streamlined approach to the warranty process and your requests can be submitted via their website. Your Builder or their On-Site Sales Agent will go over this information with you sometime during the contract or construction process, prior to closing. You will receive specific paperwork outlining what is covered and what the warranty process is. Be sure to save these documents and keep them handy! Should you sell your home while there is remaining balance of the warranty, it will be transferred to the next buyer.
Looking for a new home with a 2-10 warranty? Visit the following neighborhoods to see what they have to offer in Charleston SC tri-county area: in Berkeley, Charleston, and Dorchester counties.
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