Most products or services these days offer a warranty to provide protection to the consumer after purchase. But with so many different types of cover for different products, as well as insurances like buildings and contents, it can be confusing for the home buyer to understand exactly what is covered and when.
We all know buying a new build home is completely different to buying one that is 50 years old especially when there are added benefits for the homebuyer in the form of a structural warranty.
Helping home buyers to understand what this extra protection means for them is crucial in creating and maintaining happy customers.
Here are some handy tips to help minimise any confusion for customers when buying homes in your development.
The key to minimising any confusion for your buyers is to firstly ensure they fully understand what a structural warranty is and how they will be protected by it.
So here is a quick overview to help you explain this to your customers.
What is a structural warranty?
New homes are covered by what is known in the construction industry as a structural warranty which is purchased by the developer before commencing construction onsite. Although the warranty is bought by the developer it actually protects the homeowner from structural damage that may occur during the first ten years after the home is built.
Most new home warranties are valid for 10 years and consist of two key periods of insurance:
1. Defects insurance period
2. Structural insurance period
The defects insurance period typically refers to the first one or two years of the structural warranty. During this period the developer is responsible for rectifying any failures to comply with their technical standards.
The structural insurance period usually takes effect after the first two years and will provide cover against any structural damage to the property. Any issues that are identified during this time would need to be flagged up to the warranty provider as they would now be responsible for resolving any defects.
You can download a copy of our Homeowners Handbook to find out more.
Running in and maintaining their home
It is also important to ensure home buyers are adequately equipped to help ‘run in’ and maintain their new home.
Here are some things you may want to cover:
- Explain about shrinkage and cracking so buyers know what to expect
- Provide tips to overcome the drying process
- Help buyers to control moisture levels in the home by explaining how to use extractor fans and ventilation systems
- Advise on general maintenance such as gas and fire safety, heating, drains and gutters
Why not download a copy of our checklist for some of our tips on how to run in your new home.
We have also developed a Homeowners Handbook which covers everything a home buyer needs to know about their new home.
Remember the more your customers understand about the process the more satisfied they will be with their new home.
By Anna Symington
Please Note: Every care was taken to ensure the information in this article was correct at the time of publication. Any written guidance provided does not replace the reader’s professional judgement and any construction project should comply with the relevant Building Regulations or applicable technical standards. However, for the most up to date LABC Warranty technical guidance please refer to your Risk Management Surveyor and the latest version of the LABC Warranty technical manual.