Should You Buy a New Home During This Pandemic?
The Alberta New Home Warranty Program Protects the Alberta Buyer In Various Ways.
It’s a difficult time for everybody, especially those whose health has been affected by the pandemic. And, it’s probably a difficult time for you too. Life is stressful on the best of days, even without the pandemic.
Even though the home buying process has been changed or paused in certain ways, we are still selling homes, and people are still buying homes on the re-sale market, and the value within all those homes, still remains. Agreed there are certainly many people who will be affected financially due to the pandemic, many others will not. They may not be going into the office, but they’re still employed and doing their jobs—just from home.
So, if you want buy a new home right now reach out, and we’ll work together to get it done in a safe and socially-distanced manner.
And if you’ve been considering buying or selling your home, and this current environment has made you rethink things, that’s perfectly okay too. We would just like to outline a couple items that protects your home investment and ease your anxiety when it comes to choosing a home or a home builder during this uncertain time.
Benefits of the Alberta New Home Warranty Program:
We would like to inform our prospective customers that Montorio Homes is an active member of the Alberta New Home Warranty Program. The benefits of the program to an Alberta new home buyer are very comforting even in a regular market, let alone during this pandemic. We encourage you to review their website further, at ANHWP if you are considering buy a home.
For the purpose of this discussion, we would like to outline that the program protects the buyer from any financial difficulties affecting the Home Builder in two key ways as follows:
Taken right from the ANHWP website:
“What coverage do I have under pre-mandatory warranty?
When you and a Builder Member of the Program enter into a contract for a new home or condominium and you give that builder a legally refundable deposit to bind the agreement, your deposit is protected. The Program provides coverage for the deposit amount up to 20% of the purchase price of a single-family home (to a maximum of $100,000) or up to 15% of the purchase price of a multi-family unit (to a maximum of $30,000).
We encourage you to consult with your real estate lawyer about putting conditions in writing to deal with deposit amounts that exceed the Program’s protection limits.
Coverage begins when your builder issues a Deposit Protection Receipt. Each time you make a deposit, your builder must complete the Deposit Protection Receipt. Be sure to retain copies of all deposit receipts.
Builder performance protection
Available for single-family homes only, Builder Performance Protection (BPP) takes effect when all purchase conditions are removed and will apply until you take possession of your new home. In the unlikely event that a Builder Member fails to complete a home build as contracted, BPP assists you with completion costs and the discharge of the builder’s liens.
To minimize risk, please ensure your lawyer retains appropriate hold backs on every payment to your builder.”
Please do not hesitate to contact us for any questions or concerns regarding this Alberta New Home Warranty Protection program.