Home Warranties - What you should know about them...
Home Warranties can increase the perceived value of your home. In a recent Gallup survey of home buyers, pre-owned homes with home warranty coverage commanded as much as 2% higher perceived value than homes without warranties. By increasing the perceived value, you're more likely to get full asking price in a sale.
Home Warranties can accelerate the sale of your home. The same survey indicated that buyers have more confidence in homes with warranties. This confidence can result in a quicker sale - up to 60% faster than homes without warranty coverage.
Home Warranties protect the equity investment in your home. A warranty on your home during the listing period can eliminate many "out-of-pocket" expenses sellers sometimes experience from unexpected breakdowns and repairs.
Home Warranties can reduce the potential of "after-sale" disputes with buyers. Almost 65% of lawsuits brought by buyers against sellers after the sale are related to property condition problems.* Home Warranties are designed to reduce this liability, providing peace of mind for you and your buyer. *Statistical information obtained from actual E&O Insurance claims filed with major national E&O carrier.
What you should look for in Home Warranties...
Does the warranty include most major mechanical and electrical systems under standard coverage? Your warranty coverage should include the property's plumbing, electrical, air conditioning and heating systems, preferably without any additional charges. Burglar alarm and fire alarm systems are often omitted in warranted electrical systems.
Does the warranty cover kitchen appliances under standard coverage? Read the warranty contract fine print to determine if appliances are included as standard coverage for built-in as well as stand-alone appliances included with the sale of the home, i.e. refrigerators, stoves, etc.
Does the warranty have limits on the number of air conditioning and heating units covered? If your home utilizes the popular zoned heating and air conditioning systems, make sure that the warranty covers multiple HVAC units under standard coverage.
Does the warranty have a square footage limitation on coverage? If your home has more than 4,000 square feet, make certain that standard warranty coverage accommodates today's larger homes without additional charges.
Does the standard warranty provide protection from damaging roof leaks? Safeguarding your home's electrical and mechanical systems should only be a part of a comprehensive warranty's program of coverage. Look for features like roof leak repair that provide extra protection for your home and possessions.
Is the warranty designed to reduce the potential of "post-sale" disputes? As a seller, your greatest benefit from a home warranty is the protection it provides against "after-sale" problems with buyers. For maximum protection, your warranty should include comprehensive standard coverage for ancillary electrical/mechanical items including attic and exhaust fans, door bells and garage door openers..
Disclaimer: Home Warranty Companies can change their coverage and plans at anytime. We have no control over this and will not be held responsible for changes in plans or plan coverage.
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