Getting Your Warranties
Right At Home
Daily: Planning and Budgeting
Getting Your Warranties
By Barbara B. Buchholz for Right at Home Daily
Do you know which warranties you're entitled
to, and for how long?
While everything in your new home should run
perfectly for your first few years -- and probably for many years into the future
-- we've all encountered the appliance, fixture, flooring, or paint job that
goes sour. The garbage disposal stops working (watch what you throw down it),
or your roof may leak -- and not because of a super-heavy rainstorm.
Before
you call in a repairman or simply panic, check your warranties. These
are the legally binding written documents that guarantee workmanship for construction
and appliances.
In addition to knowing which items are covered, you
need to keep tabs on how long the warranty is in force, what percentage of the
purchase price and installation are covered, and what kinds of defects or workmanship
are included.
All warranties are not created equal. There are
full warranties, limited liability general warranties, and highly limited warranties.
Some builders also prefer to provide coverage through a third-party warranty
company. Know what you have and what's not covered.
If you don't understand something about the coverage,
ask your builder, another professional, or even have a real estate lawyer go
over the documents. You can never be too safe, only sorry.
Frequently, builders offer a one-year warranty
to cover problems with construction or materials. After that, another company
may give you coverage for up to the next 9 years you live in your home.
