A home warranty is a protection against repairs or replacements of home systems that fail due to wear and tear. The benefits for homebuyers of having a home warranty are obvious: if the home needs any repairs, they have a buffer so that it puts less financial stress on them. However, it’s not only homebuyers who benefit from home warranties. As a seller, having a home warranty while your home is on the market can make all the difference in the success of your sale.
Coverage While Your Home is On the Market
Dealing with home system repairs is stressful enough throughout the year, but when your home is on the market, you have other priorities: for instance…moving out of the house and finding a new home. But sometimes it’s when the house is on the market that you become most aware of issues that need repair. If you have a home warranty, it can cover those costs so you can have repairs taken care of efficiently while you focus on more important things.
Boost Your Home Value
As we said before, a home warranty is very desirable for homebuyers. Some homebuyers even consider it a must. If you already have a home warranty, it saves them the trouble of getting one and makes them feel more confident about your home. This is especially true of first time homebuyers. If you live in a particularly competitive neighborhood, a home warranty could be just the edge you need to help your house stand out and ensure the right offer.
Premium Payment Made Only After Closing
Not only does a home warranty offer you coverage while your house is on the market, but it is structured in such a way that payment is more convenient for the seller. Costs of home warranties vary depending on the provider. However, payments on home warranty premiums are generally not made until after the closing on the home, so you’ll be in a better position to pay it.
Provides a Middleman for After-Sale Disputes
Sometimes buyers and sellers run into a dispute after the sale. A home system doesn’t work as properly as the buyer was led to believe, and they blame the seller for this. However, if there’s a home warranty in place, the seller may never hear about these after-sale disputes. If anything in the home needs repairs, the homebuyers can contact the home warranty company in order to have the repair or replacement cost covered, rather than the previous owner. It’s less stress for everyone.
Oftentimes, a benefit for the buyer can be a benefit for the seller, because it makes buyers see the listing more desirably. This is certainly true in the case of home warranties, but that’s just one of the reasons sellers should consider having a home warranty.
Need help getting the most out of selling your home? The Barclay Team can give you the support you need as your listing agent or answer any questions you might have. Contact us today for more information