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Craig Elliott is a freelance writer who writes about topics involving insurance such as Extended Home Warranty | Home Owner
When you are trying to sell your home, you may notice that the market is quite tough and buyers are expecting more for their money. One of the ways that you can appeal to buyers is by offering a home warranty.
A home warranty provides your buyer with the insurance that if there are any troubles with major appliances, home systems such as plumbing or electrical systems will be covered by the warranty for a period of time after the home is purchased. Usually there is a deductible of approximately $50 that is deducted from the cost of the repairs. New home builders always offer a home warranty with their homes, however home warranties are becoming more popular for older homes too as a sales feature. The cost for a home owner who is selling their home is between $300 and $400; however this cost is meager especially when you consider that your home will sell much quicker.
In addition, some real estate companies offer a home warranty to their clients for no extra fee to the seller as long as the home is listed on the market for sale. However, most real estate agencies will offer this service for a fee, which is usually built into the sales price of the home and the fees of the realtor.
There are many different companies that offer home warranties for sellers, as well as for buyers. Many people who are purchasing an older home will purchase a warranty if there isn't one already offered by the seller. This is where having a home warranty listed with your home's listing on the real estate market is a great selling feature. It means that the buyer won't have to worry about finding a home warranty for the home they want to purchase because you've already taken care of it for them.
There is one major difference between a sellers home warranty and one that they buyer purchases - the sellers warranty concludes after a year and the buyers home warranty can be renewed and extended after the initial period.
You can easily find a company that offers home warranties by searching the Internet or by asking your real estate agent. They will likely have a list of good home warranty companies that they've used in the past and can recommend. Regardless, it's important that you research the company you choose for a home warranty before signing on the dotted line. It's important to find out what the company charges for the home warranty and what is offered and included in the warranty. If you are providing a sellers home warranty, it's best to ensure that you are getting what you need so that you can accurately and assuredly tell the buyer of your home that you have a good home warranty that goes with the house. You should compare the home warranties that are available in your area in these categories:
- What the home warranty covers specifically.
- The cost of the home warranty.
- The amount of the deductible.
- What is excluded from the home warranty.
- Other variables that vary from company to company.
Providing a home warranty to potential buyers of your home increases the appeal of your home on the market. What it shows to buyers is that they can't lose buying your home - if anything major goes wrong in the first year, it's covered by the warranty. Everyone knows that you just never know what you're getting into when you purchase an older home and you really won't know until you've lived in it. Many people have seen movies about homes that turn into a real money pit because of the plethora of major issues that need to be repaired right away. Your buyers need not be concerned with that, because your home warranty will cover most of those major repairs.
With a home warranty, you can provide buyers with peace of mind, letting them be assured that your home is worth the money you are asking for it. Home warranties are a great selling feature for any home, new or older, and for their cost is a great value to sellers in a cooling market. A home warranty can help your home sell faster, standing above the other homes for sale on the market.
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