Looking to buy a New Home less than 7 Years old?

Then you need to be up to date on the Master Builders guarantee program. Why?

Mainly because 2 years ago I found out about a buyer that was trying to claim back some damage that they thought was covered in their 4 year old new home.

Guess what?  They couldn’t.  Why ?

It seems the most important part of any transaction for the purchase of a less than 7 year old home is the transference of that guarantee.

Be aware it is, unlike what they thought, NOT automatic.

You actually have to request it. And complete some associated paperwork. I believe there is no back-dating if you have just moved in to your now, 2 owner since brand new home. Even if you’ve only been there 3 months, and the home is only two years old, unless the paperwork and proper processes have been conducted then ouch!

Personally I believe this is wrong, and the government or someone should step in & remedy this soon, a new home with a 7 year Master Builders Warranty should be just that. A guarantee for 7 years regardless of how many owners have lived there.

At it core are these main warrantys…

Materials*, Workmanship and Structural Cover from handover for 2 years.

• Limited Structural Cover For up to an additional 5 years.

So if you are contemplating purchasing such a so described property you need to be cognizant of these following very important points.

1.       Go here and find out about the MASTER BUILD GUARANTEE, and what’s covered.

2.       If building, go here and download documents that are designed to assist you in the Building Process. There’s also another download page here, maybe duplicates of the other page.

3.       Download the defect tolerance schedule so that you are aware of what standard of build and finish is to be expected of a Master Builder.

4.       If you are the 2nd buyer of a home that’s less than 7 years young, then be very familiar with the below clause, in fact double check to make sure your solicitor has gone over it too.

IS THE GUARANTEE STILL VALID IF YOU SELL YOUR HOME?
If a home covered by a Master Build Guarantee is sold, the new owner is unable to claim unless the Guarantee has been transferred into the new owner’s name. This can only happen once during the Guarantee’s lifetime.

There are others, for example Certified offers a 10 Year warranty for work carried out by members of the Certified Builders Association of New Zealand. On their web site it says…

…members are obliged to apply to Builtin New Zealand Ltd for a ten-year written guarantee when undertaking to build a new home. They are not required to apply for the guarantee, but can offer to do so, for alterations and additions.

Any buyer would be well advised to carefully investigate these and any other builders warranties.

Master Builder main website is here.

Certified Builders main website here.

There is also HomeFirst who appear to work with Builtin New Zealand as well.