One of the great advantages of buying a brand new home is a warranty. Purchasing a home is a significant investment, and you want to make sure it is well protected. As you look at homes and get to know the builders in your community, consider the warranty carefully.
The New Home Warranty Program provides a third party guarantee of the builder's warranty and undertakes to perform the builder's warranty obligations should the builder default. A builder's own warranty is only as good as the level of service the company wishes to perform or for as long as the company is in business. Fraser Homes offers Saskatchewan New Home Warranty and shares the NHWP coverage and time frames.
1) DEPOSIT PROTECTION
For all houses registered after January 1st, 2016, the initial deposit for the purchase of your new home is protected up to a maximum of $50,000 in the event the deposit becomes legally refundable and cannot be recovered because of bankruptcy, default, insolvency or fraud on the part of the builder. It does not cover reimbursement because of a contract dispute between the parties.
2) WORKMANSHIP AND MATERIALS PROTECTION- ONE YEAR*
All Registered Builders are required to warrant that the house is constructed in accordance with the building standards prescribed by the Province of Saskatchewan and the New Home Warranty "Construction Performance Standards" that the house is free from defects in workmanship and materials for a period of one year from the date of possession.
3) WATER LEAKS PROTECTION - TWO YEARS*
Registered Builders warrant that the building envelope (roof, exterior cladding, windows and doors) and the basement foundation walls will be free of exterior water penetration for two years from original occupancy.
4) MAJOR STRUCTURAL DEFECTS PROTECTION - FIVE YEARS*
All Registered builders warrant that your home will be protected against Major Structural Defects for five years from the date of possession. Major Structural Defects mean defects in workmanship or material which have or are likely to have an adverse effect on the performance of the load bearing portion of the home such as footings, piles, basement walls, beams, floor joists, teleposts, load bearing walls, and roof trusses.
5) OPTIONAL EXTENDED WARRANTY- MAJOR STRUCTURAL DEFECTS
An optional 5-year Extended Major Structural Defect Warranty is available for eligible single family houses. This would protect your home against major structural defects from the sixth year to the tenth year. The maximum protection would be $75,000 for all houses registered on or after January 1st, 2008 and $100,000 on all houses enrolled on or after January 1, 2014. (Note: Extended warranty coverage is not available on condominium units).
*The remaining warranty is transferable to subsequent purchasers. The remaining term of the warranty coverage is automatically transferrable to any person(s) who subsequently become the registered owner(s) of the home.
Fraser Homes has been building homes in Saskatoon for the last 19 years and stand behind their homes. They're also members of the Canadian Home Builders Association Saskatchewan and Saskatoon and Region Home Builders Association.