Whether you are buying your first home or selling a home and moving into another, a home warranty could be a valuable protection for your finances and your peace of mind. A home warranty can protect you in case of a major failure within your home; such as with kitchen appliances, plumbing, furnace, air conditioning, septic, roof, water heater, trash compactor, water well pump, attic and exhaust fans, electrical systems and more. Regular maintenance is essential for keeping a house functioning, but occasionally a malfunction can occur that requires repairs or replacement to restore the situation.
Home sellers, particularly if they are selling a home with older appliances and systems, can purchase a one-year warranty that will protect them while their house is on the market and can then be transferred along with ownership of the house to their buyers. Not only does the home warranty provide an extra incentive for buyers who are concerned about potential costly repairs, but it is available for the sellers in case a water heater, oven or some other appliance needs to be fixed. One of the biggest causes of stress for sellers is having to deal with repairs after the home inspection. Having a home warranty eliminates the stress and expense and can help keep the deal together.
Your home systems and appliances can be “in good working order” but can still break down at the most inopportune times. Those systems and appliances are not covered by your homeowner’s insurance. A Home Warranty is a cost effective tool for managing your home repair budget. The warranty pays toward repair or replacement of covered appliances and home systems that malfunction under normal conditions of use. It provides “peace of mind” knowing that you are protected when those unexpected breakdowns occur.
A study released by the Service Contract Industry Council (SCIC) has found that homes covered by a protection plan sell faster and for more money than those without one. According to SCIC’s most recent look at home sale prices nationally, homes sold with a protection plan spend, on average, 11 fewer days on the market. SCIC’s findings also show that homes on average sold for about $2,300 more when covered by a plan.
This is all great news for home sellers. That’s why I’m offering a FREE Home Warranty to my new clients.