What is a home warranty, and how can it add value to your home from a selling perspective?
Often, when purchasing electronics, appliances, and automobiles, you’re offered the opportunity to purchase an extended warranty. This warranty may cover anything from defects to even problems that are not a result of faulty engineering.
But what about a house? Can you get an extended warranty that covers items and issues within the home? The answer is yes!
A home warranty often will cover certain items within the home, such as appliances, plumbing, and other things that can go wrong without your having to spend money on those repairs. Many do require a small deductible, but it’s well worth it in the long run.
Should I offer a home warranty to the buyers of my property?
It’s a good thing to consider, as once you have handed over the keys, you want to feel comfortable knowing that certain issues may be handled should they occur once you close escrow. Plus, it’s an added incentive for a buyer who may have several choices when it comes to making a home purchase.
Does a home warranty replace the need for a home inspection?
No, it does not. Buyers have the option and right to conduct a thorough home inspection by hiring a professional contractor or licensed inspector. This does not mean that any and all items they find will be covered under a home warranty. Plus, unless you’ve specified otherwise, the warranty won’t become effective until the buyers take possession of the property.
What if the seller doesn’t offer a home warranty? Should I still consider getting one as a buyer?
Even if the seller doesn’t offer a home warranty as part of the sale of the home, it’s a good idea to consider this option. The cost of a home warranty can easily be made up if one or more items that are covered require attention.
Have more questions about home warranties, or the home buying/selling process?
Contact Sheppard Properties with your questions. We’ll provide honest, no nonsense answers that will help you make the best decisions to aid in reaching all of your real estate goals.