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Warranty Protection for the Buyer and Seller
No one is able to predict the demise of their major appliances, and most people are unprepared when they do go on the fritz. Home appliance and system repairs are about as inconvenient as they are expensive. That’s why I always recommend that my clients be protected by a home warranty. Home warranties protect the seller and the buyer in the home-selling process, and they cover the systems and appliances that homeowner’s insurance does not cover.
For sellers, a home warranty is a great marketing tool to make a home stand out more. A Gallup Poll reports that 8 out of 10 buyers prefer a home with a warranty, because no one wants to walk into a new home with unexpected, costly repairs that you as the seller might not even know about. Bill Smith of HMS warranty company says, “A home warranty not only reduces the seller’s liability if something should break, it also reduces the amount of money a seller has to spend when they are trying to sell their home.”
For buyers, a warranty is peace of mind that repairs will be taken care of without a huge out-of-pocket payment. If someone has just bought a home, he or she shouldn’t have to empty out what’s left of their emergency fund to take care of a broken appliance. If the warranty is already in place from the seller, it easily transfers to the buyer at closing. If the seller does not offer a warranty up front, I always recommend that my buyers ask for one in their offer.
If you are the one making the warranty purchase, be aware that all warranties have terms and conditions that you need to be aware of. Bill Smith says, “Of course there are limitations with any warranty, so be sure to read the entire policy, and be sure to choose a company that is reputable and already established in your area.”
Be aware that even with new construction homes, it is recommended to have a warranty, because the first year of a new-construction manufacturer’s warranty does not include labor. If you buy a warranty specifically for new construction, it is significantly less expensive, as it covers the first four years of your home for almost the same price as a typical one-year warranty costs on an existing home.
Be prepared and get the protection and peace of mind you need for your home’s inevitable repairs.
If you need a quote in the Brentwood, Tenn. area, contact Bill Smith at HMS: