When constructing a custom home, it's essential to be aware of the warranties that are available. Construction warranties usually provide limited coverage for labor and materials for certain components of the house, such as windows, HVAC, plumbing and electrical systems. It's also important to check when warranty coverage begins, as some companies don't offer coverage until the third year after the home closes. If structural defects occur in the first or second year, the builder is responsible for repairing the damage during the term of the warranty.
When building a production house, semi-custom or customized home, an initial warranty is usually included in the sale of the house. The manufacturer can back up the warranty on their own or purchase it from a third party to manage and cover any claims. In cases where an FHA or VA loan is used, the builder is required to use a third-party guarantee as fair protection for the homebuyer. In any case, the builder is responsible for the cost of any repair or replacement during the term of the contract.
Home warranties are not legally required like home insurance, but it's important to research customer service and response when looking for a home warranty company. Builder guarantees for new custom homes are usually a combination of time periods depending on the type of construction work provided. Despite a builder's best efforts to provide quality construction practices, unforeseen problems and responsibilities can arise with a new custom home. A home warranty is a service contract that a builder extends to a homeowner and can provide peace of mind when it comes to repairs and replacements.
Element will guide you every step of the way to meet your personalized needs when building your custom home.
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