The process of buying a new home can be an overwhelming and scary one. From finding the right neighbourhood to being evaluated for a mortgage and everything in between, buying a home is a multi-step process.
Then, there's the age-old debate of buying a new home versus an existing build. While every home buyer in Saskatchewan has their preference, one of the best advantages of buying a new home is the warranty.
The New Home Warranty Program of Saskatchewan came about in May 1976. It was formed by the building industry and it came to provide a solution to the ever-growing demand for new homebuyer protection.
Basically, the program provides a third-party guarantee of the builder’s warranty, and undertakes the obligations of the builder’s warrant should the builder default. A builder’s warranty is a contract between a builder and the buyer promising to repair or replace certain elements of a home.
All builder members under the New Home Warranty Program must register all eligible units, which includes townhomes, semi-detached homes, single-family houses and low-rise buildings up to 4 stories.
Also covered are ready-to-move homes (RTM’s). However, the foundation and any other work below the joist of the first floor is excluded. The only exception to this is if the work is included in the construction agreement of the RTM builder.
How Do I Know If My Builder is Covered?
Membership in the Saskatchewan New Home Warranty Program is voluntary. That said, a majority of Canadian financial institutions require a third-party home warranty coverage for mortgage qualification.
As such, when looking to buy a new home, consider builders that carry a third-party warranty, because more often than not, a warranty is an indicator of superior workmanship.
What Protection Does the Saskatchewan New Home Warranty Program Offer?
1. Deposit Protection
For homes registered after the 1st of January, 2008, the initial deposit for your new home is protected up to a maximum of $25,000 in the event that you can't recover it because of fraud, default, bankruptcy, or builder insolvency.
Reimbursement isn’t covered in the case of a contract dispute between you and your builder.
2. Workmanship & Materials Protection
All registered builders under the SNHW must warrant that their constructions have met the minimum standards under both the Province of Saskatchewan and the New Home Warranty “Construction Performance Standards.”
This protection runs for a year.
3. Water Leaks Protection
Registered builders warrant that their building is free from exterior water penetration. This covers the roof, exterior cladding, doors and windows, as well as the basement foundation.
This protection runs for two years from original occupancy.
4. Major Structural Defects Protection
All registered builders warrant that their new construction is protected against Major Structural Defects for 5 years from the date of possession.
The structural defects covered entail those that can have adverse effect on a home’s load bearing portion. The load bearing portion includes piles, footings, beams, basement walls, teleposts, floor joists, and roof trusses.
This protection runs for 5 years.
5. Major Structural Defects
This is an extended option of the ‘Major Structural Defects Protection.’ It’s only eligible for single-family houses enrolled after 1992.
It offers a maximum protection of $20,000 for all homes enrolled by the builder prior to the 1st of January, 1998. For homes enrolled on or after that date, the maximum protection is $50,000.
For all homes registered on or after the 1st of January, 2008, the maximum protection is $75,000.
This warranty is only available for eligible single-family houses. Condo units are excluded in the extended warranty coverage.
If you’re looking for a great quality custom home you can feel safe in, Leenan Homes is the homebuilder for you.
Leenan Homes is a reputable and well-established luxury custom home builder in Regina. We have over 30 years of experience in the custom homes and remodeling industry. So, if you’re looking for a custom home builder in Regina, look no further than Leenan Homes. We're sure to have a custom home solution for you!
Clients choose us for three things: custom solutions, uniqueness, and superior craftsmanship. We’ll build a home that is not only customized to fit your needs, but also one that suits your lifestyle and budget.
Our superior craftsmanship and attention to detail ensure that our luxury custom homes have incredible resale value and will match your individual needs.
Throughout the process, you’ll have unlimited access to our expert term of architects and designers. They'll help shape your vision and guide you through your home building journey.
Our 5-Step Client Process
Step 1: Initial Consultation Meeting
Since no two projects are the same, we use this opportunity to understand our client’s priorities and creative vision.
Step 2: Design & Planning
Here, we work to connect your vision and creativity to the technical design of your new luxury home.
Step 3: Proposal
This is a meeting where we discuss the finer details of the contract obligations and construction contracts. It's an opportunity for you to ask final questions or seek clarity before starting construction.
Step 4: Construction
This normally takes anywhere from six to nine months after the contract is signed and the project has been approved.
Step 5: The Move-In
After the construction, the last step is to move into your new Regina home! Our support doesn’t end there: Leenan Homes also provides an additional one year Leenan Homes Warranty as well as a 10-year warranty from Progressive Home Warranty.
Get in touch with Leenan Homes by dialing 306-205-6252 or visiting our website today!