If you own a home, chances are a Home Warranty repair and maintenance safety net could come in handy.
In today’s busy world many homeowners just aren’t equipped to perform even the smallest of repairs, especially when they come at the most inconvenient times.
For some of us a handy family member nearby could do the trick. For me, it was my Dad who had the know-how, tools and patience to fix just about anything. If we’re lucky, some of us may know a plumber or an electrician, but overall we don’t have the time to get bids or figure out the cause of the problem, much less get it repaired. That’s when having a home warranty can be a life saver!
What is a Warranty?
A home protection service plan covers the repair or replacement of many major home system components and appliances that typically break down over time. It typically costs between $300 and $900 a year and is a great investment whether you are buying or selling a home.
Benefits to Buyers. When you buy a new home, you are making a major investment in your future. A home warranty protection plan can give you the assurance of helping to safeguard your investment. Benefits include:
- Relief from some of the expenses of unexpected breakdowns on covered items
- Affordable, flexible and customizable plans
- Access to a network of service contractors
- Increased confidence in your home purchase
Benefits to Sellers. When you are selling a home, you want to find ways to make your home more attractive to potential buyers. A home protection plan can make your property stand out by giving buyers the boost of confidence they need to make a decision in your favor. There are several compelling reasons to include a home warranty on your listing. It may help to:
- Discourage downward price negotiation
- Distinguish your property from other listings
- Boost buyer confidence
- Reduce your liability in post-sale issues
If you had a home protection service plan, you wouldn’t have to call around to get estimates for repairs when a problem occurs. You wouldn’t have to pay out of pocket to get the problem fixed or have equipment replaced; instead, you would just contact your home warranty provider. The warranty company would call the appropriate tradespeople with whom it has made arrangements, and send someone to fix the problem, if possible, or replace the malfunctioning appliance with a brand new one. Your home warranty premium will cover the cost; you will be responsible for any co-pay. Easy-peasy!
Advice from Estelia
Estelia (REMAX/Metro) has been active in St. Petersburg’s real estate market for over twenty years and her experience is a great asset for clients. When it comes to home warranties, she says the best deals can often be snagged if purchased at the same time you buy your home. These plans usually offer the most the all-inclusive coverage at the best price points. According to Estelia, “It’s the ideal time to lock in the warranty contract.”
As an investor, Estelia recommends home warranties for landlords who don’t want to field repair calls from their tenants. If you have a home warranty, you can cut right to the chase, thus keeping your tenants happy and minimizing your stress.
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