It’s been a long-held ambition of the UK to build more homes. People are also desperate to start buying as soon as possible, fearing being entrapped in an eternal cycle of rent.
Unfortunately, new builds are greatly associated with risk today, and many prospective homebuyers feel a sense of unease when viewing them. Still, more housing is undeniably needed in the UK, so these properties will always have a place on the market, even if it’s begrudging.
If you’re a property developer, you must take these concerns seriously. A new build warranty can bring peace of mind. Still, terms and conditions can vary, so here are some tips to help you find the right provider.
Compare Quotes Online
It’s always a good idea to assess your range of options with a reputable source. That way, you can set reasonable expectations and plan accordingly. For example, with Buildsafe, you can find multiple quotes on a 10 years new build warranty and narrow down your selection with ease. Depending on your choices, you could feasibly save up to 30% with their help. They’ve also published detailed web copy on the new build warranty, explaining everything from how it helps homebuyers to the consequences of developer inaction.
Even if you’re not entirely certain of your budget and requirements yet, it’s a good idea to begin by comparing quotes. That way, you can better understand what prices are out there, which providers seem to drum up the most interest, and which new build warranty providers are perhaps best to work with. Get a lay of the land first.
Budget Warranty Requirements
Different providers of new build warranties will incur various expenses. The financial logistics all need to be carefully weighed before a decision is made. Decide what you’d like the warranty to cover and then budget for it. For example, you may wish the provider to cover accommodation costs elsewhere if the homeowners temporarily move out while repairs are underway. Check to see if certain types of developer-caused damage are covered for the full policy period. All of these things can affect the price.
Do some research before settling on a budget too. The provider’s website should mention any conditions they have, including visits to your property development site and running technical audits. You can avoid costly delays to the process by having a plan to schedule these. Their website should also list their financial rating, so determine that and make any enquiries you have.
Embrace the Audit Process
Responsible new build warranty providers will send engineers and surveyors to your development premises. Though audits can spark fear in construction, you should embrace these opportunities for what they are. They regularly assess happenings on your site not to interfere but to stop you and your team from making mistakes that boost the likelihood of the homeowner potentially filing a claim in future. Don’t shrug off these learning curves, as they will benefit your development firm’s long-term prospects.
The new build warranty is about discipline, not covering your incompetence. More heinous providers of new build warranty coverage may only request footage of your development site. Try not to comply with them, as it usually indicates they’re running a haphazard operation where future claims are likely.