What are home warranties, and when should a buyer or seller get one?
Home warranties have been around for years. Most warranty companies have a one or two-year plan. You can get coverage for different types of properties, and there’s different pricing for the different types of units. Home warranties give a homeowner coverage if something goes wrong. We like to use is America’s Preferred Home Warranty as our company of choice
You can pick your own contractor and there’s a deductible per occurrence, but the home warranty company pays for the repair. Warranties cover the basic items in a home, though there are upgrades for items that the basic plan may not cover.
If you’re looking at selling a home, you can put a home warranty on the property that you do not pay for until the closing. You benefit as a seller from free coverage during the listing period, and then the buyer will benefit from either a one or two-year warranty after the closing. You have nothing to do with it if a claim is made once you no longer own the property. It provides the buyer peace of mind, gives the seller a marketing edge, and reduces the seller’s liability
A buyer could also purchase a home warranty even if it’s not offered as part of the listing. In today’s competitive market, many buyers are waiving home inspections. If I was buying a house that hadn’t been inspected, I would want to put a warranty on it.
If you’re an existing homeowner who isn’t buying or selling, you can also purchase a warranty. Your home might be approaching the time where some of the major components are going to need to be replaced, and a home warranty would cover those items.
If you’re interested in learning more about this and America’s Preferred Home Warranties plan, feel free to call me or send me an email. I’m happy to send you a digital version of the brochure and answer any questions that you might have.