Buying or building your own home? Looking for a new home? Find out about your rights, obligations and information that can help you make a more informed purchasing decision.
A great online resource for home (both new homes and previously owned homes) buyers is available from the Homeowner Protection Office (HPO) website at www.hpo.bc.ca On it you'll find the New Homes Registry. It will enable you to find out if the new or newer home you're buying has a home warranty insurance policy in place and whether or not it was built by a Licensed Residential Builder. Home buyers can obtain valuable information such as the name and contact number of the warranty provider, the builder's warranty number and whether an owner-built home can be legally offered for sale.
Every new home built for sale by a Licensed Residential Builder in BC is protected by a mandatory third-party home warranty insurance. Better known as 2-5-10 home warranty insurance, this coverage includes:
two years on labour and materials,
five years on the building envelope (including water penetration), and
ten years on the structure.
Visit www.hpo.bc.ca for this and other excellent information for new home owners, first time buyers and anyone interested in ensuring their home has warranty insurance coverage.
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