KEY POINTS:
Many owners of monolithic-clad homes fear they will be unable to sell them, even if they don't leak.
But a new company is offering a warranty which it claims will remove the stigma associated with the building material.
"Houses may be worth $50,000-$80,000 less and take two months longer to sell," said David Hughes, of the Weathertight Warranty Company. "People are drawn into claims years later, you have conveyancing solicitors getting agents to sign disclaimers. Everyone is terrified. There are a lot of horror stories out there, and nobody there to pick up the pieces."
The company is offering owners a two-year weathertight warranty for $5000-$8000.
Hughes said it was a worthwhile investment if it allowed homeowners to sell their properties.
"They'll be getting their money back four to five times over. There are so many benefits in many areas, for real estate agents and owners."
The company is presenting its idea to real estate agencies, solicitors, councils and independent money lenders across Auckland and said it had already sold some warranties on the North Shore. It hopes eventually to get major banks on board.
