Buy With Confidence : Tarion

By NextHome Staff
January 30, 2017
Tarion - Ensuring your new home is protected.Your new home is more than just bricks and mortar. It’s where family comes together, traditions are founded and celebrated. Your home is an extension of your personality and lifestyle; it’s part of who you are.There is no doubt that your new home is special to you. As one of the biggest investments you will ever make, it’s also why you should ensure it’s protected. Whether you’re thinking about buying a new home or you’ve already moved in, there are many things you should know when owning a newly built home.PROTECTING NEW HOMEOWNERS FOR OVER 40 YEARS In Ontario, most new homes come with a warranty from the builder that is backstopped by Tarion. Tarion helps homeowners enjoy their new homes by ensuring Ontario’s registered builders fulfill the terms of their warranty.Since 1976, Ontario’s new home warranty program has registered over two million homes and paid out hundreds of millions of dollars in warranty claims. Since then, Tarion has remained committed to protecting new homeowners’ rights across our province.For more than 40 years, Tarion has protected new homebuyers and owners by ensuring that builders are accountable for standards in construction and customer service. Tarion’s role allows Ontarians to buy a new home with confidence and have somewhere to turn if these standards are not met.Since its inception, Tarion has made numerous improvements to the warranty to expand protections, but new homebuyers and owners must do their part too. It’s important to understand the warranty and follow the correct reporting processes. Some tips to keep in mind to protect your new home:UNDERSTAND THE DEPOSIT PROTECTION LIMITSFor freehold homes, you’re protected up to $40,000 for deposits and $20,000 for condominiums (in addition to the protections in the Condominium Act). While these limits may seem too low for heated markets like the GTA, they are above provincial averages.YOUR BUILDER MUST BE REGISTERED All new homebuilders in Ontario must be registered with Tarion – it’s the law. Don’t be swayed by builders who claim you don’t need the statutory warranty. You can check to see if your builder is registered by visiting the Ontario Builder Directory at Tarion.com.INSPECT YOUR NEW HOME PROPERLY Before you move in, complete your Pre-Delivery Inspection with your builder. This is an official record of the condition of your home before you moved in, so be sure to note anything that may be damaged, incomplete, or not working properly.Tarion and the Ontario new home warranty program are here to help protect your investment – so you can enjoy your home to its fullest.For more information about the new home warranty, visit Tarion.com.

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