For many people, buying a new home is the most expensive purchase they will ever make. It is no surprise then that buyers are interested in warranties which promise to repair or replace certain elements of the home if necessary, within a certain time.
A building warranty is essentially a specialised insurance product that covers the first years in the life of a new house or a commercial building. It usually lasts for 10 years and is technically called a structural defects liability insurance. If there is something fundamentally wrong with a house such as the walls cracking, penetrating damp or the drains not working properly, the warranty provider will fix it instead of the house owner being left with the responsibility.
This publication details the importance of ensuring that a suitable warranty is in place, the processes involved, and the solutions available.
