Tuesday, June 12, 2012

Homefirst guarantee

What’s so special about the guarantee we are able to offer?  
Our Homefirst guarantee is underwritten by an insurance company, which is rated by Standard and Poor’s.  Certified Builders Association is the only building association in New Zealand who can offer you this!

This guarantee can be passed on to new owners if you sell your house.  If you are getting finance from your bank be sure to let them know about the guarantee because some banks are more likely to lend when there’s the safety of the insurance.

Please note this guarantee is for the building work.  If you’re having an alteration or addition you still need to take out contract works insurance for the current dwelling.  For new builds we will take out contract works insurance to cover the house until it is handed over to you and then your own home and contents insurance takes over.

The Homefirst guarantee is in addition to meeting our obligations under the Consumer Guarantees Act and because it’s a form of insurance it covers you for a range of things.  As it is a form of insurance the guarantee has to be applied for so we can’t automatically offer it, but unless you are literally building a house out of mud there shouldn’t’ be a problem having it approved!

Benefits of the Homefirst Builders Guarantee

1.    Reimbursement of any deposit paid to the builder where the builder is unable to continue beyond site preparation, not exceeding twenty per cent (20%) of the Contract Price, or $50,000, whichever is the less. 

2.    Completion of the dwelling where the builder is unable to complete, not exceeding twenty per cent (20%) of the Contract Price, or $100,000, whichever is the less.

3.    Rectification of structural defects that the builder is unable to rectify, for 10 years.

4.    Rectification of non-structural defects that the builder is unable to rectify, for 2 years.

5.    Alternative accommodation and removal and storage costs.

6.    If a non-completion or defect claim is submitted, Builtin New Zealand Ltd will encourage the builder to remedy the problem and, if necessary, it will appoint another Certified Builder to do so, and the guarantee will cover the whole or a significant portion of the cost.

7.    The guarantee covers not only the Certified Builder’s work and materials but also the acts and omissions of any sub-contractors engaged by him.

8.    These rights are of course subject to the specific wording, limitations and exclusions in the guarantee agreement.

9.    The Homefirst Builders Guarantee is backed by CBL Insurance Ltd, an independent, internationally financed insurance company that is rated by Standard & Poor’s.

10.  The guarantee can generally be transferred to a new owner when you sell the house.  And because having a guarantee gives the buyer peace of mind it can help sell your home up to 50% faster.

Yes, there are four different types of Homefirst Builders Guarantee, depending on what your project is:
1.    Full Contract – where we manage the whole project for you.

2.    Carpentry Labour Only – where you act as project manager and organise all the materials and sub contractors directly, so the guarantee applies only to our work.

3.    Alterations & Additions – where work is being done on an existing building.

4.    Kitset Loss of Deposit – covers you when you’ve paid your deposit but something happens, such as the death, disappearance, legal incapacity, or insolvency of us or the kitset provider, and you don’t receive the materials you’ve paid for.

We believe this is an awesome guarantee – please give us a call on 021 443 129 if you’d like to talk through how it could benefit you.

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