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Some builders are offering extended warranties to their clients with many builders offering from 25 to 50 year warranties. However it is important to understand what these warranties mean.
Blogger: Darren Standish, Property Prosperity
If a builder mentions a warranty period in their promotional material or when you are having your initial discussions it is important that this warranty is signed into the contract.
Although just because there is not written contract of the warranty it still may be legally binding to the builder you don't want to get involved in legal proceeding where there is and uncertain outcome. In this scenario the only person who will win will be the lawyers.
When signing a contract you need to ensure that you have a written warranty document so that if there is a claim in the future you can refer to this document to work out whether the builder is responsible for fixing the problem.
The items that builders typically include in a 25 year warranty include structural items such as roof frames, slabs and footings. It must be remembered that if the owner has contributed to the damage of any of these items then the warranty may not be applicable.
It is important to understand what your responsibilities are as an owner of a new home is to ensure that you fulfill your requirements to maintain the structure integrity of the building.
About Darren Standish
Darren Standish established Property Prosperity in 2004 initially as a property development company, however after repeated requests for assistance the business evolved into a development consulting business.
Property Prosperity was initially focused on assisting clients with subdivisions and negotiating with councils to ensure that clients maximized their return on investment. Over the years additional services were gradually added to ensure the development process was as seamless as possible for its clients. We expanded into offering individually tailored finance solutions and then added Property Development Analysis, Property Sales and a Builder Broker Services.
Darren is the overachiever of the team and has more qualifications than your average university graduate. As well as completing a Bachelor in Economics, Bachelor in Commerce and post graduate in Accounting he subsequently went on to complete a Diploma in Financial Service, Diploma in Real Estate and Certificate IV in Building. He is a qualified Certified Practicing Accountant (CPA), a licensed Real Estate Agent, licensed Mortgage Broker and holds a Builders License.