Home Warranty

Taking the step in purchasing a home is a major investment. Whether selling or buying a home, itÂ’s nearly impossible to predict when problems may arise.


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Information about Home Warranties for homeowners

Buying a home is a major investment. Whether you are buying or selling a home, it is all but impossible to foresee when troubles may occur. Repair costs that are unexpected will probably create a crucial strain on a family's budget. Over and above homeowner's insurance, which provides good financial security against catastrophes, home warranties are commonly more detailed.

By and large, home warranties cover main systems like heating and cooling systems, electrical, plumbing, and major appliances. Some home warranties may also cover residential roofs, individual septic systems and wells. These contracts generally cover these systems despite the make and model or age. Home warranties allow for the renovation or replacement, for a year after closing on a home, any existing home's covered systems that without warning stop working because of normal wear and tear. The subsequent tips are provided to aid you in choosing the home warranty service that is suitable for you.

Ask about the term of coverage for the home warranty plans available in .

Several home warranty policies are effective for one year and allow for renewal upon expiration of the policy. Renewal fees are generally more expensive than the initial warranty fees. Shop around and ask home warranty companies about their present rates for renewal and evaluate these rates with competing warranty companies.

Co-payments...What they are

A co-payment is the money that the homeowner will pay if a repair service is needed for a covered system. Much like health insurance co-payments except that warranty co-payment rates will vary.

Study the warranty covered service contractors near your area.

It is vital when problems do occur to a system covered under your home warranty plan that there is a service representative in your locale who is available to make the repairs. Ask the warranty company about the types of service contracts they offer that might be specialized to your geographical area.

Why sellers benefit from home warranties

Some may think that it may be a waste of money to buy a home warranty when the home is to be sold in the near future. This is most certainly not a true statement. A home warranty makes a home in reality more appealing to potential buyers, in particular when the appliances and systems in your home are older. Having a home warranty available as part of the selling package offers some rewards for prospective buyers. Home warranty costs are low and can normally be paid out of the closing proceeds. In addition to the extra selling feature, a home warranty will protect the homeowner against expensive repairs during the period of time when the home is available for sale.

Why buyers benefit from home warranties

The primary cash investment that is needed for closing is major and the idea of unexpected repair costs shortly thereafter can be a tremendous burden. Often times, a home warranty can be a powerful negotiating tool between buyers and sellers. Warranties provide protection to buyers for the cost of major repairs.

Is a home warranty right you?

In a home where the systems and appliances are newer, a warranty might not be important, other than for added security. For homes older than 5 years however, a home warranty should undeniably be considered. The older the home, the more likely it is that unplanned repair and replacement costs will provide incentive for purchasing a good home warranty. The cost of a warranty and deductibles is far lower than what it would cost for large system replacements in the home.

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