New rules aimed at protecting homeowners should be formally introduced next year

The Government's announced plans to require all warranties for new homes three storeys or less, and all renos worth at least 100-thousand dollars.

Building and Construction Minister Chris Penk admits homeowners will pay a bit more, but it's worth it.

He says it's about half a percent of a build's cost - but it will bring peace of mind.

He says it's a good trade-off to get ratepayers off-the-hook.