A home warranty is a win-win situation for buyers and sellers as well as agents. Take a look at the advantages of having a home warranty below.
Advantages for Buyers
A home warranty offers buyers the peace of mind that should anything unexpected happen (due to normal, everyday wear and tear) of the home's appliances, heating, air conditioning, plumbing, and electrical systems, it will be repaired (or replaced in some cases) for you without costly fees. Also, buyers will not have to worry about finding a reputable repair technician that they are uncertain they can trust. This will save everyone precious time and money.
Advantages for Sellers
Sellers can relax knowing that they have a home warranty protecting them from costly repair expenses during the listing period, closing and sale of their home.
Advantages for Agents
Agents know that the added incentive of a home warranty makes the deal for both buyers and sellers, smooth and hassle-free. If a home warranty is offered, an agent will include this in their marketing plan as both a buying and selling tool. It is just another added feature for the home seller to offer the potential buyer.
What Does a Home Warranty Cover?
A home warranty offers peace of mind for everyone. There are many different companies available that offer warranties. However, not all warranty companies offer the same services. It is important to research a reputable company or consult your agent for more information on finding a plan that best suits your needs.
Be sure to look for a home warranty plan that covers the following:
Some plans offer additional coverage (with an additional fee) for specific home features including:
What Does a Home Warranty Cost?
A home warranty usually costs between $300-$600 annually, and carries a $50-$100 service fee for each repairable item. Most warranties usually offer one year or less of coverage time. All repairable items need to be covered in the sale of the home in order for the warranty to be effective. Some home warranty companies charge additional fees per year for added features of the home.
Is There a Waiting Period for a Home Warranty Plan to Begin?
This depends on what plan you purchase. In some cases, your plan will begin in 30 days or more, but generally, most plans begin immediately.
Crye-Leike Executive Realty offers home warranty plans, so for more information on home warranties, contact us.