Selling your home and want to give it a little extra edge in the market? Consider offering a home warranty. It’s a great way to interest buyers in your property — and potentially sell faster.
Home Warranties Give Buyers Peace of Mind. Homebuying is stressful, especially for first-time buyers, who may have little experience with the unexpected maintenance surprises that are part of homeownership. Although the home inspection usually points out major structural damage, problems with the roof, and other issues that can be negotiated during the sale process, inspectors can’t predict with certainty when appliances or home systems will break down.
That’s where a home warranty comes in. It can protect homebuyers from costly repairs — and replacements — involving: Major appliances/ Heating and cooling systems/ Electrical systems/ Home plumbing
Another benefit to your buyers (and you): A warranty can mean that buyers won’t need to set aside as much money for emergency repairs, and may have more funds available for the purchase. Plus, the reassurance of the warranty — along with a competitive home sales price that you work with your REALTOR® to set — could help fast track your sale.
How Much Do Warranties Cost? Warranties are pretty reasonable. You can expect to pay anywhere from $250-$400, depending on coverage. There’s also usually a fee — typically less than $100 — for service calls.
A warranty covers the homeowner for one year.
How Will the Buyer Use the Warranty? If a covered appliance or system breaks, the homeowner calls the warranty company, which calls a service provider in the company’s network. The provider sets up an appointment with the homeowner.
If the appliance can’t be repaired, depending on coverage, the warranty company will pay to replace the unit.